To examine the utilization of the soluble proteoglucan in oats as a nutraceutical ingredient, soluble components were extracted from Oat Bran Concentrate (OBC) by varying the experiment factors such as temperature (4060oC), ethyl alcohol concentration (0~20%), and pH (5~9), and then analyzed for their compositions and viscosity. The total yield of oat soluble extracts ranged between 6.4~17.9 and the contents of β-glucan, protein, lipid, and ash in oat extracts were 21.4~38.3%, 23.2~29.0%, 8.3~11.8%, and 5.9~7.9%, respectively. The extraction yield increased with the extraction temperature, but decreased with the alcohol concentration and pH. The β-glucan and protein contents increased with increasing temperature and decreasing ethanol concentration. However, the pH level did not influenced those contents. The viscosity of 2% oat extract solution ranged between 8.6~83.1 cp at different share rates, showing the pseudo-plastic flow properties. Results suggested that extraction condition could be controlled the purity of β-glucan and protein and applied commercially to the large-scale process.