Cancer is one of the leading causes of death. Approximately, one-third of these deaths are preventable through lifestyle changes, such as dietary changes. According to research, adequate nutrition with certain types of foods containing bioactive compounds may provide significant protection against carcinogenesis. However, the relationship between nutritious food consumption and cancer risk remains controversial. Bioactive peptides are isolated small protein fragments that provide physiological health benefits. They act as potential modifiers reducing the risk of many chronic diseases. This review focuses on the current data on Lunasin, a novel food bioactive peptide found primarily in soybean and wheat that has antioxidant, anticarcinogenic, and hypocholesterolemia effects in in vivo and in vitro models. Lunasin is the most studied bioactive soy-peptide, with 43 amino acid residues, some of which form an RGD motif, and the most recent evidence on the lunasin's potential benefits for cancer prevention.