The quantity and composition of phospholipids in full-fat soybean flour, flakes, and extruded flakes and in the cream fraction recovered after aqueous extraction (AEP) and enzyme-assisted aqueous extraction (EAEP) of these substrates were studied with 31P NMR. Extruded flakes had significantly more phosphatidic acid (PA) than flakes and flour prior to aqueous extraction. The PA content of the cream recovered after AEP and EAEP of extruded flakes was similar to that of the starting material, whereas the PA content of the creams from flour and flakes significantly increased. Changes in the PA content could be explained by the action of phospholipase D during the processing step and aqueous extraction. Total phospholipids in the oil recovered from the creams varied from 0.09 to 0.75%, and free oil yield, which is an indicator of cream stability, varied from 6 to 78%. Total phospholipid did not correlate with emulsion stability when it was lower than 0.20%. Inactivation of phospholipase D prior to aqueous extraction of flour resulted in a cream emulsion less stable toward enzymatic demulsification and containing less PA and total phospholipids than untreated flour. The phospholipid distributions in the cream, skim, and insolubles obtained from AEP flour were 7, 51, and 42%, respectively.