Soybean oil is commonly extracted from soybeans using hexane as the solvent. Recently, due to environmental and safety concerns, the search for alternative solvents is becoming a developing area. In this context, ethanol has gained attention as a potential solvent for vegetable oil extraction. The aim of the work was to investigate how the moisture content of raw material affects the oil extraction with ethanol. Solid-liquid extractions of expanded soybean collets (wet and dry) were performed using ethanol as solvent at temperature of 333 K with 5 different solvent:solid ratios. The extractor used consists of a stainless steel column equipped with a thermostatic jacket. After extraction, the raffinate residual oil content and the oil concentration in the extract were measured. In the solid-liquid extraction tests with wet soybean collets, the results showed that it is not possible to obtain extracts with more than 9 %wt of oil content. However, a more concentrated extract (13.73 %wt of oil content) was obtained with dry expanded soybean collets. These results indicate that the water content of the raw material strongly compromises the extraction of oil with ethanol. In addition, the liquid-liquid equilibrium experimental measurements were obtained for systems composed of soybean oil + ethanol + water at 333 K for analyzing the soybean oil solubility in a phase rich in ethanol. It can be noted that the oil solubility decreased with the increase in water content in the ethanol rich phase. As ethanol also extracts water from the raw material and its oil extraction capacity decreases with increasing its water content, it is possible to conclude that more concentrated final extracts can be obtained controlling the moisture content of raw material.