Soybean lecithin, the most important surface active agent in food systems and industrial use, is derived from soybean through the extraction of crude oil, hydration of crude oil, separation of wet gum and drying. The problems in obteining high quality lecithin are discussed and a new processing procedure of fluid lecithin by direct filtration of crude lecithin is presented. The processing of newly developed and commercialized lecithin, oil-free lecithin, fractionated lecithin, enzymatically decomposed lecithin and chemically modified lecithin including hydrogenated and hydroxylated lecithin is also discussed, along with the characteristics of each lecithin. By the new processing procedure, lecithin with good physiological function should find more uses not only in food, but cosmetic, pharmaceutical and medicinal feilds as well.