The effects of oxidation stability and flavor acceptability of soybean oil by roasting and refining treatment were investigated in this study. The peroxide values of crude oil from unroasted soybean(COUS) were more increased than those of crude oil from unroasted soybean(CORS) during storage under fluorescence light at 45℃. Induction time by the Rancimat Method was 44.9 and above 88.7 hours on COUS and CORS respectively. The order of oxidation stability of oil was crude$gt;degummed$gt;alkali-refining$gt;deodorized$gt;bleached oil in terms of peroxide value, while that of oxidation stability of oil was crude$gt;degummed$gt;deodorized$gt;alkali-refining$gt;bleached oil in regard to induction time by the Rancimat Method. The correlation coefficients between induction time and two characteristics(absorbance of browning reaction products and phosphorous contents) were highly significant, while that between induction time and tocopherol contents was not high during refining stages. $quot;the scores for the sensory evaluation of flavor on sesame oil and CORS was 9.269 and 8.269 respectively. but it was not significant between two oils.