This study evaluates a novel handheld sensor technology coupled with pattern recognition to provide real-time screening of several soybean traits for breeders and farmers, namely protein and fat quality. We developed predictive regression models that can quantify soybean quality traits based on near-infrared (NIR) spectra acquired by a handheld instrument. This system has been utilized to measure crude protein, essential amino acids (lysine, threonine, methionine, tryptophan, and cysteine) composition, total fat, the profile of major fatty acids, and moisture content in soybeans (n = 107), and soy products including soy isolates, soy concentrates, and soy supplement drink powders (n = 15). Reference quantification of crude protein content used the Dumas combustion method (AOAC 992.23), and individual amino acids were determined using traditional protein hydrolysis (AOAC 982.30). Fat and moisture content were determined by Soxhlet (AOAC 945.16) and Karl Fischer methods, respectively, and fatty acid composition via gas chromatography-fatty acid methyl esterification. Predictive models were built and validated using ground soybean and soy products. Robust partial least square regression (PLSR) models predicted all measured quality parameters with high integrity of fit (RPre ≥ 0.92), low root mean square error of prediction (0.02–3.07%), and high predictive performance (RPD range 2.4–8.8, RER range 7.5–29.2). Our study demonstrated that a handheld NIR sensor can supplant expensive laboratory testing that can take weeks to produce results and provide soybean breeders and growers with a rapid, accurate, and non-destructive tool that can be used in the field for real-time analysis of soybeans to facilitate faster decision-making.