The liquid waste generated from tofu production, denominated as Tofu Whey (TW), contains important amounts of isoflavones that can be evaluated by various separation techniques. In this work TW was concentrated by falling-film freeze concentration from 1.9 to 15.5 °Brix, up to levels of 208 mg of isoflavones per 100 g solids. The levels of isoflavones, proteins, sugars, calcium and magnesium were determined both in the ice and in the concentrate obtained. It was found by rheological characterization that TW shows a Newtonian behavior at concentrations between 1.9 and 15.5 °Brix with freezing points of −0.6 to −2.7 °C.