Growing evidence indicates that elongation factor 1α (EF1α) is involved in responses to various abiotic stresses in several plant species. Soybean EF1α proteins include three structural domains: one GTP-binding domain and two oligonucleotide binding domains that are also called as domain 2 and domain 3. In this study, 10 EF1α genes were identified in the soybean genome. We predicted structures of different domains and analyzed gene locations, gene structures, phylogenetic relationships, various cis-elements, and conserved domains of soybean EF1αs. The expression patterns of 10 EF1α genes were analyzed by quantitative real-time PCR (qRT-PCR). Under drought stress, soybean EF1α genes were upregulated in varying degrees. In particular, GmEF4 was upregulated under drought and salt treatments. Compared to the drought- and salt-treated empty vector (EV)-control plants, drought- and salt-treated GmEF4-overexpressing (OE) plants had significantly delayed leaf wilting, longer root, higher biomass, higher proline (Pro) content, and lower H2O2, O2−, and malondialdehyde (MDA) contents. Thus, this study provides a foundation for further functional genomics research about this important family under abiotic stress.