The purpose of this study was to investigate not only quality characteristics such as overrun, meltdown and sensory evaluation of oligosaccharide-supplemented soy ice cream but also physiological effects of ice cream with soy and/or oligosaccharide on blood sugar and lipid profile in streptozotocin-induced diabetic rats. Powder of parched soybean was added at $7.6\%$ replacing skimmed milk and cream, soybean oil at $7.6\%$ replacing milk oil in cream, and fructooli-gosaccharide at $9.5\%$ replacing sucrose on weight basis. Five kinds of ice cream were prepared: MMS (skimmed milk, milk oil, sucrose), MMO (skimmed milk, milk oil, oligosaccharide), SSS (soybean, soybean oil, sucrose), SSO (soybean, soybean oil, oligosaccharide), and BSO (black soybean, soybean oil, oligosaccharide). Overrun and meltdown of soy ice cream were significantly lower than those of milk ice cream. Scores of sensory evaluation especially in mouth feel and melting feel in mouth were lower in soy ice cream. Freeze-dried ice cream was supplemented to AIN93-based diets at $30\%$(w/w). Sprague-Dawley male rats with diabetes induced by injecting streptozotocin were fed experimental diets for 4 weeks. Plasma glucose level was significantly lowered in SSO group compared with MMS group. Plasma insulin levels of MMO and SSO groups were not significantly different from that of normal group, while those of MMS and SSO group were significantly lower than normal group. Plasma cholesterol was decreased in groups fed ice cream supplemented either soybean or fructooligosaccharide compared to MMS group. HDL-cholesterol level was elevated and triglyceride was decreased significantly in MMO group compared to MMS group. LDL-cholesterol levels of SSS and BSO groups and liver triglyceride level of SSO group were significantly lower compared to MMS group. In conclusion, oligosaccharide-supplemented soy ice cream lowered blood sugar, and ice cream supplemented with soybean and/or oligosaccharide improved lipid profile in diabetic rats.