Coagulation and rheological behaviors of soy milk are reviewed from the viewpoint of colloidal dispersion system. From the results of relative viscosity in the range of small oil body volume fractions, oil bodies containing oleosin behave as rigid spheres. The Krieger-Dougherty equation was found to describe relative viscosities well under high oil body volume fraction. These results indicate that oil bodies in soy milk behave as though suspended matter. Cross-linking between colloid particles occurs when the coagulant is added, and bulky clusters are formed. The viscosity rises due to the hydrodynamic effects of these bulky clusters. A new viscosity equation that combines the Krieger-Dougherty equation and the effective volume fraction could describe the viscos behavior well for wide range of solid contents. Tofu is made by adding a coagulant to soy milk. For lipid concentrations of less than 2%, rupture stress increases depending on the lipid concentration, whereas at concentrations of more than 3%, rupture stress tends to decline. Kinugoshi tofu samples have a maximum value for rupture stress depending on lipid concentration. Digestion of oleosin in high-fat soy milk using papain treatment results in the centrifugal separation of soy milk cream easily. This result indicates that oleosin let oil bodies in soy milk stable. Therefore, it is important to control the state of soy milk colloidal dispersions.