Objectives: To evaluate the serum cholesterol lowering effects of soy protein hydrolyzate with bound phospholipids (c-SPHP) in tablet form, a randomized double blind placebo-controlled study in mildly hypercholesterolemic subjects was carried out over a twelve-week period. Methods: Subjects were Japanese adult volunteers with mild hypercholesterol. Seventy-five subjects were randomly divided into three groups and each group was given c-SPHP tablet at the dose of 0, 1.5, or 3g per day, respectively. Placebo group received casein hydrolyzate tablets. Tablets were given twice daily. The study consisted of a one-week pre-testing period, a twelve-week testing period, followed by a four-week post-testing period. Results: After twelve weeks of tablet ingestion, serum total cholesterol and LDL-cholesterol levels of c-SPHP-tablet (3g per day) group (n = 25) decreased significantly compared with the placebo group (n = 25) and from the initial level (p < 0.05). No significant difference in HDL-cholesterol level was observed throughout the study. Conclusions: This study suggests that tablet form of c-SPHP (3g per day), has remarkable effects to reduce serum cholesterol levels in mildly hypercholesterolemic subjects.