Currently, global production of plant-based meat relies on plant proteins, with plant-based meat based on soybean protein dominating market. As the largest producer of non-GMO soybeans, China faces a disadvantage in terms of price competitiveness compared with other major soybean-producing countries. However,, domestic soybean surplus may be solved from the angle of plant-based meat Production sector. Firstly, the current status and development trend of global plant-based meat industry are systematically summarized and analyzed, as well as the domestic-foreign gaps in plant-based meat industry development. Secondly, a series of challenges faced by the domestic plant-based meat industry, including the inadequate regulatory policies, product flaws and a lack of consumers’ awareness of product. At last, some suggestions are presented and discussed from the aspects such as strengthening policy support and guidance, promoting R&D and technological innovation and expanding market awareness and acceptance, so as to provide some research foundation and case references to help revitalize China’s soybean industry and promote the further development of plant-based meat industry.