Soybean [Glycine max (L.) Merrill] has a significant role in global agriculture, with its origin in Asia and widespread cultivation in regions like North America, Europe, and South America. In Africa, soybean production started in 1858, with Ethiopia initiating germplasm work in the 1950s and breeding research in the 1970s. The genetic gains achieved through various conventional breeding techniques have resulted in the release of 25 soybean varieties across early, medium, and late maturity classes. This review examines the genetic advancements in soybean breeding in Ethiopia, spanning from the 1970s to the present. In Ethiopia, breeders have employed a range of methods to estimate genetic gain, including direct comparison of cultivars over time and regression of cultivar performance against years of release. These methods have shown substantial yield improvements, particularly in the early and medium maturity classes. For instance, varieties such as Crawford, Wright, and Williams have demonstrated significant yield gains, with a 64.9% increase observed since 1985. The performance of released soybean varieties across different Ethiopian locations highlights significant environmental interactions, with the highest yields recorded in regions such as Assosa, Pawe, and Jimma. Early maturity groups showed maximum mean yields of 2613.06 kg/ha in Assosa, while medium maturity groups peaked in Pawe at 2568.91 kg/ha. Late-maturity varieties performed best in Asossa and Mankush. Despite these gains, challenges remain, particularly with the direct introduction of exotic varieties that often fail to meet production expectations due to susceptibility to diseases and pests. This review underscores the need for continued evaluation and adaptation of breeding strategies to sustain and enhance genetic gains. By understanding past successes and limitations, Ethiopian soybean breeding programs can better allocate resources, adopt new strategies, and ultimately improve crop productivity and resilience.