Soybean (Glycine max (L.) Merr.), the “golden bean” of the twenty-first century, is among the most important legumes. It is a legume crop, but it is broadly used as oilseed. Soybean is a great source of nutrients and proteins. It can supply much needed protein to the human diet, with more than 40% protein of high quality and all the essential amino acids, especially glycine, tryptophan, and lysine, similarly to cow’s milk and animal proteins. Soybean also has about 20% oil including lecithin (an important fatty acid) and vitamins A and D. The 4% mineral salts of soybeans are a high source of phosphorus and calcium. The importance of soybean crops, economically and socially, is well known worldwide, providing about 64% of the world’s oil (the major source of oil), and about 28% of total production. Also, the crop has greatly enhanced the rural economy by improving the living standards of soybean farmers, especially women and children. In some parts of Asia, between 30% and 60% of the average cash income derives from soybean crop sales used to buy material inputs. Nowadays the production of soybean crops is being hampered by several abiotic and biotic stressors. These stressors cause losses of millions of dollars as a result of the average yield of soybean declining. Development of stress-tolerant genotypes of soybean is not without its difficulties, whereas repeated use of chemicals and fertilizers adversely affects soil ecology. Hence a better approach to enhance the growth and production of this important crop is by utilizing biological methods including plant growth promoting rhizobacteria (Pgpr). Such bacteria are able to enhance soybean growth and yield under stress by utilizing various mechanisms. Some of the most important aspects and related details have been reviewed and analyzed.