This study was conducted to develop a new soy-based food product that could utilize okara (a byproduct from soymilk production) and maximize the health benefits of okara for the consumer. A Japanese commercial okara snack product was used as a standard reference. Two types of dried okara powder, a commercially dried okara powder with 7.7% moisture content made from regular (lipoxygenase-present) soybeans and a partially dried okara with 44.3% moisture content made from lipoxygenase-free (LOX-null) soybeans, were used in this study. Commercial low saturated soybean oil and commercial low linolenic acid soybean oil were also used in the same formulation to compare and find the best formulation for a baked or deep-fat-fried soy-based food product. Two descriptive analysis studies were performed with a minimum of 15 trained panelists. Instrumental analyses with a Hunter Lab system and a TA.XT2i texture analyzer and chemical analysis were performed to compare with the sensory results. All the results were statistically analyzed. The baked product made from commercial low saturated soybean oil and the partially dried LOX-null okara powder gave the closest flavor, texture, and appearance to the reference standard. The final product contained 11.4% protein and 7.4% dietary fiber, which were, respectively, 1.5 and 2.0 times higher than the reference. The calcium content was also 4.3 times higher than the reference. The objectives of this study were achieved by developing a new soy-based snack food, which has more health benefits with an enjoyable flavor and texture than the existing commercial product.