Tofu is a traditional product made mainly from soybeans, which has become globally popular because of its inclusion in vegetarian, vegan, and hypocaloric diets. However, with both commercial production of tofu and scientific research, it remains a challenge to produce tofu with high quality, high nutrition, and excellent flavor. This is because tofu production involves multiple complicated steps, such as soybean selection, utilization of appropriate coagulants, and tofu packaging. To make high‐quality tofu product, it is important to systematically understand critical factors that influence tofu quality. This article reviews the current research status of tofu production. The diversity of soybean seeds (the raw material), protein composition, structural properties, and nutritional values are reviewed. Then, selection of tofu coagulants is reviewed to provide insights on its role in tofu quality, where the focus is on the usage of mix coagulants and recent developments with new coagulants. Moreover, a comprehensive summary is provided on recent development in making high‐fiber tofu using Okara (the major by‐product during tofu production), which has a number of potential applications in the food industry. To help encourage automatic, environmental friendly, and high‐efficient tofu production, new developments and applications in production technology, such as ultrasound and high‐pressure process, are reviewed. Tofu packaging, including packaging materials and techniques, is evaluated as it has been found to have a positive impact on extending the shelf life and improving the quality of tofu products. Finally, the future research directions and potential areas for new developments are discussed.