Nanoparticles were synthesized from soy protein, one of the most abundant and widely utilized plant proteins, for nutraceutical and drug encapsulation. The preparation process consisted of dispersion, desolvation, drug incorporation, cross-linking, and evaporation. The role of each procedure in the formation of nanoparticles was systematically investigated by means of particle size, size distribution, and zeta potential as well as morphology observation. Curcumin as a model drug was encapsulated successfully into the nanoparticles, evidenced by Fourier transform infrared spectroscopy and X-ray diffraction patterns. The average size of the curcumin-loaded nanoparticles was 220.1 to 286.7 nm, and their zeta potential was around -36 mV. The highest encapsulation efficiency and loading efficiency achieved were 97.2% and 2.7%, respectively. The release of curcumin in phosphate buffer saline followed a biphasic pattern. Possible mechanisms of the formation of soy protein nanoparticles as well as the incorporation of curcumin were discussed based on the data obtained from this study.