Soybean is an important food crop in China, but its dependence on import and export is very high. Therefore, increasing domestic soybean yield has become an urgent need for ensuring food security. Based on 2013-2020 panel data from major soybean-producing provinces, and using double difference method, this paper makes an empirical analysis of the impact of soy producer subsidies on soybean yield. The result shows that the implementation of producer subsidies had a significant positive impact on soybean yield. It is found that the increase in total soybean production mainly came from the expansion of soybean acreage supported by the implementation of producer subsidies policy, rather than the increase in per unit area yield. In light of this, it is recommended to expand the scope of policy subsidies, increase the per unit area production yield of soybean, and enhance the competitiveness of soybean.