Using low temperature genebank is a main way for conserving crop germplasm resources. However, with the extension of storage time, the viability of seeds stored in the genebank will inevitably decline. Therefore, preserved seeds need to be regenerated periodically. In this study, soybean cultivar Zhonghuang 18 was used as a material and aged for different days (0, 112, 154, and 196 d) to obtain four populations G0-1, G0-2, G0-3, and G0-4. The germination percentages of the four populations were 98.0%, 95.0%, 81.0%, and 79.0%, respectively. These populations were regenerated twice in the field. The first descendant populations were marked as G1-1, G1-2, G1-3, and G1-4, and the second were marked as G2-1, G2-2, G2-3, and G2-4, respectively. Population G0-1 was taken as the control. The genetic variation between the control and treated populations was detected using AFLP marker. Sixty individual seedlings derived from each population were detected by 12 AFLP primer combinations. The result showed that t-test probability values for allele frequencies were 1.00 between the control and treated populations, which indicated that there was no significant difference in the allele frequencies of the treated population compared with the control. The genetic similarity coefficient between population G2-4 and G0-1 was 0.9333, which manifested high genetic similarity between these two populations. The results of t-test showed that there was no significant difference in effective number of alleles per loci (Ae), index of genetic diversity (He), Shannon’s information index (I) between the control G0-1 and G1-1, G2-1, G1-2, and G2-2. The index values of Ae, He,and I for the populations of G0-3, G0-4, G1-3, G1-4, G2-3, and G2-4 declined significantly compared with those of the control G0-1. The number of rare alleles for the populations G1-1, G2-1, G1-2, and G2-2 did not change significantly compared with that for the control G0-1 while that for populations of G0-3, G0-4, G1-3, G1-4, G2-3, and G2-4 declined greatly. Above results showed that the genetic diversity and the number of rare alleles for the descendant population of the populations with 98.0% and 95.0% germination percentages did not change significantly compared with those for the control G0-1, but declined significantly for the populations with 81.0% and 79.0% germination percentages. Therefore, the viability decline had a greater impact on the genetic composition of soybean population than the regeneration times. It was recommended that soybean seeds with initial germination percentage of 98.0% should be regenerated before its germination percentage declined to 81.0%.