Abstract: Brazil is an important source country of China′s soybean imports. As the COVID-19 has swept the world, being one of the ‘epicenters’ of the epidemic, Brazil′s domestic situation is increasingly severe. This study introduced the development and export status of Brazil′s soybean industry, and analyzed the impact of the epidemic situation on Brazil′s soybean production and export, and revealed the opportunities and challenges faced by China-Brazil soybean trade. The results showed that, in the short term, the soybean production in Brazil was not significantly affected by the pandemic. Due to the substantial depreciation of the Real, the international price of Brazil′s soybeans fell, the market competitiveness improved and the export increased. A number of agricultural support policies further provided a guarantee for the smooth development of China′s soybean trade with Brazil. Brazil′s huge soybean production and export potential and good economic and trade relations with China also provided opportunities for the long-term development of soybean trade. However, China′s high dependence on Brazil′s soybean market and the vulnerability of Brazil′s soybean supply chain exposed by the epidemic also posed challenges to the long-term sustainable development of China-Brazil soybean trade. China should pay close attention to and go deep into all links of Brazil′s soybean supply chain, reduce the risk of soybean trade, and further expand the source of imports to ensure domestic soybean supply. This study has important practical significance for reducing the risk of soybean import and making full use of domestic and foreign markets to ensure national food security.