A novel soy milk yogurt (SMY32) prepared from mixture of pure soy milk and recombined milk with the ratio of 3:2 (v/v) was subjected to physicochemical and flavor compounds analysis using milk yogurt (MY) as a control. Compared with MY, SMY32 had higher water holding capacity and apparent viscosity, and had no significant difference in the total count of lactic acid bacteria. Protein and amino acid contents of SMY32 were remarkably higher than those of MY. Sensory evaluation revealed that sensory texture score of SMY32 was quite similar to that of MY, and its sensory appearance, flavor and overall acceptability scores were slightly lower. Twenty six flavor compounds were found to have a major impact on the aroma of SMY32, mainly including: ketone, acid, aldehyde, alcohol and ester. Furthermore, 2-pentyl furan was detected out in SMY32 but not in MY. These results indicated that SMY32 is a novel yogurt with excellent quality.