Grey system theory and methods were used in order to value 30 hybrid combinations of soybean. The scientific basis of soybean breeding was provided by grey evaluation. The results showed that: When yield was as a breeding target,9 combinations, for example, Tongnong 13 × SAPPRO, Tongnong 13 × ARIRA, Tongnong 13 × EXP etc., of which comprehensive characters showed the best and were awarded the first-class combination. 11 combinations, for example, 2002 lines × EXP, Jilin 35 × PEMVy, Jilin 38 × PEMVy etc., performed the better and were rated as second-class combination. The remaining 10 combinations were in general and rated as the third-class combination. When fat content was as a breeding target,9 combinations, for example, Tongnong 13 × SAPPRO, Jilin38 × SAPPRO, Tongnong 13 × EXP etc., of which comprehensive characters showed the best and were awarded the first-class combination. 11 combinations ,for example,2002 lines × PEMVy, Tongtong13 × Yi3, Jilin 47 × ARIRA etc. performed the better and was rated as second-class combination. The remaining 10 combinations were in general and rated as the third-class combination. First-class combinations should be expanded to the scale of cultivation in next year, and were selected carefully in all subsequent generations. High quality plants were selected in hybrid offspring in second-class combinations. Third-class combinations, if there is no special advantages, should be eliminated.