The invention provides a processing method of soybean powder. The processing method specifically comprises the following steps: step I: acquiring soybean processing raw materials, specifically, primarily processing the soybean raw materials to obtain a soybean processing raw materials; step II: infrared curing, specifically, sending the soybean processing raw materials obtained in step I into an infrared baking apparatus to be heated by virtue of infrared radiation, and obtaining a cured soybean materials; step III: performing aftertreatment, specifically, preserving heat of the cured soybean materials obtained in step II in a heat preserving box; and performing aftertreatment for the heat-preserved soybean materials to obtain soybean powder. The method has the effects that the process is precise, and the technological condition is easy to control; and by combining an infrared curing step and a heat preserving step, the taste and the nutritional value of the soybean powder are greatly improved. The invention also discloses compound feed prepared from the soybean powder. The addition amount of the soybean powder is 10 to 22 percent of the total weight of the feed. The compound feed is good in taste and high in quality.