A method of preparing an oat protein and fiber product. A base formulation is mixed water to form a slurry. The base formulation has a major amount of an oat material or waxy barley hybrid. At least one enzyme is mixed into the slurry. The at least one enzyme capable of facilitating sugar formation and thinning of the slurry. The slurry is cooked to convert the slurry into a first intermediate product having a DE of between about 20 and 90. The first intermediate product is diluted with water to form a second intermediate product. The second intermediate product is heated. A first solids slurry is recovered from the second intermediate product using a clarifying centrifuge. The first solids slurry is dried to form a dried product.