Two major components of soybean proteins, β-conglycinin (7S) and glycinin (11S), were fractioned by a two-step technique based on the addition of different levels of Ca2+ and NaHSO3 at refrigeration temperature and pH value adjust to induce protein precipitation. The suitable preparation conditions were studied herewith. Fractioned soybean protein I containing glycinin about 57.4% and fractioned soybean protein Ⅱcontaining β-conglycinin 61.4% were prepared with the optimal conditions. The evaluation results show that fractioned soybean protein I has a better gelation property and foam powder than soybean protein isolate, while fractioned soybean protein Ⅱ has a better emulsion property than soybean protein isolate. It can be found that fractionation of soybean proteins basing on Ca2+ induced-precipitation may be applied in food industry to exploit functional property of soybean protein components more effectively.