On the basis of GARCH model, this paper makes an empirical analysis about the impact of trading volume and open interest on soybean futures price volatility. This study finds that current trading volume and open interest have a significant effect on soybean futures price volatility, and contemporaneous (lagged) trading volume and open interest have the same effect on soybean futures price volatility. This study also shows that trading volume and open interest have an overall significant effect on soybean futures price volatility when they enter the conditional variance equation simultaneously. This study sheds light on the information dissemination procedures and informational inefficiency in soybean futures markets, which could be of interest to futures market investors and regulators.