It is a trend to substitute bioplastics for petroleum-based plastics in food packaging. Glycerol-plasticized soy protein isolate (SPI) is promising as a replacement for traditional petroleum-based plastics. Hydrogen bonding (H-bonding) plays a key role in plasticization of SPI film. However, few publications are concerned with the interactions of SPI and glycerol at the molecular level. In this paper, attenuated total reflection Fourier transform infrared (ATR FT-IR) spectroscopy was applied to investigate the effect of H-bonding on the secondary structures of glycerol-plasticized SPI films and thus on the plasticization. An “S” profile of the H-bonding between SPI and glycerol with an abrupt jump in the glycerol range of 10–30% was achieved. For more in-depth investigation of the H-bonding, two-dimensional correlation spectroscopy (2D-COS) and perturbation-correlation moving-window two-dimensional (PCMW2D) analyses were applied to the amide I and II bands of SPI films spectra series. The conformation change sequences under the effect of H-bonding were revealed. When glycerol was involved, it entered into the β-sheet and the H-bonds of the SPI peptide backbone (C = O···H–N–) were replaced by the new H-bonds between SPI and glycerol (C = O···H–O–). The transformations of parallel β-sheet to β-turn in the range of 0–20% and anti-parallel β-sheet to β-turn in the range of 20–35% were obtained. In the 35–60% concentration range, the β-sheet was first changed to a transition state conformation, then together with the β-turn, to the random coil. The 2D-COS results clearly suggest that the conformations of SPI gradually change from the ordered to the less ordered and disordered, which significantly improve the plasticity of SPI film.