Wild soybean (G. soja Sieb. Zucc.) is a close ancestor species of cultivated soybean (Glycine max [L.] Merr.), which has lost a large number of genes or allelic variants in the process of domestication, leading to genetic bottlenecks in variety selection and improvement in current cultivated soybean. Wild soybean is widely distributed in China and rich in germplasm resources, harboring potential genes for high protein, resistance to diseases and pests, drought resistance, salt and alkali resistance, etc. Reintroducing these excellent allelic variants into modern cultivated soybean varieties using molecular design breeding techniques, can not only promote human understanding of soybean evolution and development history, but also effectively broaden soybean genetic diversity. In recent years, a large number of scientists have invested in the research of exploring excellent allelic variants in wild soybean. This paper reviews the favorable traits of wild soybean resources and the progress of research on the discovery of the corresponding genes, and discusses the potential application of these genes in future cultivated soybean breeding, and provide a new breeding idea and strategy for breeding and improving new varieties in soybean.