A low-iron aqueous phospholipid and a method for isolating the low-iron aqueous phospholipid from soybean oil sludge. The main components of the low-iron aqueous phospholipid are a phospholipid, a lipid, and water, the water content is 70-80 g/100 g; calculated on a dry basis, the content of acetone insoluble matters is 92.5-95.5 g/100 g; and calculated in terms of the acetone insoluble matters, the content of iron is≤18 mg/kg. The low-iron aqueous phospholipid is prepared from soybean oil sludge by employing a hydration method, is used for solving the shortcomings of a low content of acetone insoluble matters of an existing aqueous phospholipid, inability to remove iron ions, and the long-term reliance of the industry on a solvent method to prepare a powder phospholipid, and solves the technical challenge in which industrialized production could not be implemented with a powder phospholipid produced with hydration method. The purpose of the low-iron aqueous phospholipid is to prepare a powder phospholipid with the hydration method, the content of acetone insoluble matters is 92.5-95.5 g/100 g, and the color is a natural yellow, no bleaching and no solvent are involved, and costs for producing the powder phospholipid by the hydration method is far less expensive than that by a solvent method.