Based on trade gravity model, this paper selects data from 1992 to 2017 to explore the influential factors and trade potentiality of the soybean trade between China and the U. S. The empirical results show that GDP and population of China have positive impact on trade, while the population of the U. S. and the exchange rate have negative impact on trade. The impact of China's soybean production and policy factors is not significant. Although Sino-US soybean trade potentiality presents a relatively significant periodicity, it still stays at the development stage of trade potentiality and the bilateral trade has large space to expand. Therefore, only by coordinating import structure better and diversifying the sources of soybean imports can China eliminate the negative effects of excessive dependence on imports from the United States and win the initiative position.