β-conglycinin (β-CG) is a prominent storage protein belonging to the globulin family in soybean (Glycine max) seeds. Along with other soybean proteins, it serves as an important source of essential amino acids and high-quality nutrition. However, the digestibility and nutritional value of β-CG are key factors affecting the nutritional profile of soy-based foods. The heterotrimeric, secondary, and quaternary structures of β-CG, particularly the spatial arrangement of its α, α’, and β subunits, influence its functional properties. Considering these aspects, β-CG emerges as a significant protein with diverse applications in the food and health sectors. Therefore, this review explores β-CG's composition, structure, function, health implications, and industrial uses. Salient discussions are presented on its molecular structure, nutrition, digestibility, allergenicity, and techno-functions including emulsification, solubility, gelling, and structure–function complexities. Overall, the multifaceted potential of β-CG in the healthcare sector and the food industry is evident.