The development of plant-based meat analogs is currently hindered by the beany flavor generated by raw soybean protein and extrusion processing. Wide concern has led to extensive research on the generation and control of this unwanted flavor, as an understanding of its formation in raw protein and extrusion processing and methods through which to control its retention and release are of great significance for obtaining ideal flavor and maximizing food quality. This study examines the formation of beany flavor during extrusion processing as well as the influence of interaction between soybean protein and beany flavor compounds on the retention and release of the undesirable flavor. This paper discusses ways to maximize control over the formation of beany flavor during the drying and storage of raw materials and methods to reduce beany flavor in products by adjusting extrusion parameters. The degree of interaction between soybean protein and beany compounds was found to be dependent on conditions such as heat treatment and ultrasonic treatment. Finally, future research directions are proposed and prospected. This paper thus provides a reference for the control of beany flavor during the processing, storage, and extrusion of soybean raw materials used in the fast-growing plant-based meat analog industry.