Oil extracted from soybean seeds is known as soybean oil. This edible oil has culinary uses, such as frying, sauting, and baking. Polyunsaturated fatty acids in soybean oil are considered healthy for the heart and possess some other health benefits too. A number of skincare products contain soybean oil in their ingredient lists - and for good reason. Its mild, neutral flavor makes it an easy choice for recipes requiring cooking oil. A simple salad dressing can be made by combining it with vinegar, salt and pepper.