High protein, low soluble-sugar, partially defatted soybean products suitable for use as a partial or full replacement of fish meal and other protein and energy sources in the manufacture of fish and land animal feeds and pet foods, are produced by a process in which fat is extracted from dehulled, flaked soybeans. Soluble sugars are then extracted from the defatted soybean cake using an ethanol/water mixture in a counter-current solvent extraction process. The resulting product contains a minimum of about 5 percent by weight residual soybean fat, and it is dried, cooled and ground to produce a fine, free-flowing powder product. The process also produces a sugar syrup suitable for use as a fermentation source for the production of ethanol which can be recycled to the soluble sugar extraction step of the process, and a premium soybean oil.