The baking industry is interested in finding cost‐effective and healthful alternatives for eggs. Therefore, in this study the effects of total replacement of egg by soymilk (SM) in combination with 0–6% soy lecithin (SL) on batter (density, microstructure, viscosity, and texture) and cakes (height, volume, density, texture, color parameters, and sensory attributes) were determined and compared with cakes manufactured with eggs. The results showed that all batters had shear thinning behavior and provided a good fit for the power law model. The egg‐free cake in the absence of SL was downgraded because of high density and viscosity, small air bubbles, dark color, firm texture, low volume, and sensory scores. Inclusion of up to 4% SL to the SM was found to be significant in improving cake quality and led to cakes more similar to the control sample; however, higher levels of SL had negative effects on organoleptic properties of cakes.