To evaluate peanut sprouts as a functional food material, the quality characteristics and antioxidant activities of soybean yoghurt with different percentages (0.5, 1.0, 2.0, and 3.0%) of peanut sprout powder (PSP) contents were investigated. The pH of soybean yogurt with PSP decreased in a time- and dose-dependent manner during fermentation, whereas the titratable acidity increased under the same conditions. The Hunter L value (lightness) decreased while the b value (yellowness) and a value (redness) increased as the PSP concentration in soybean yogurt increased. Prior to fermentation, the sugar content of the soybean yogurt increased as the PSP level increased, but the contents decreased as fermentation progressed. Meanwhile, the viscosity of the soybean yogurt increased during fermentation, and the lactic acid bacteria population was higher than that of the control. The sensory properties, including the flavor, color, taste, and overall acceptability, of the soybean yogurt containing 0.5 and 1% PSP, respectively, were higher than those of other tested yoghurts (with 0, 2.0, and 3.0% PSP contents). The antioxidant activity of the soybean yogurt significantly increased at the PSP concentrations of over 1.0%. These results suggest that the addition of PSP has beneficial effects on the quality and functionality of soybean yogurt, and that the addition of 1.0% PSP is the most suitable for manufacturing soybean yogurt.