A linear stability analysis of a soluble surfactant-laden liquid film flowing down a compliant substrate is performed. Our purpose is to expand the prior studies (Carpenter and Garrad 1985 J. Fluid Mech. 155, 465–510; Alexander et al., 2020 J. Fluid Mech. 900, A40) by incorporating a soluble surfactant into the flow configuration. As a result, we formulate the Orr–Sommerfeld-type boundary value problem and solve it analytically by using the long-wave series expansion as well as numerically by using the Chebyshev spectral collocation method in an arbitrary wavenumber regime for infinitesimal disturbances. The long-wave result reveals that surface instability is stabilized in the presence of a surfactant, whereas it is destabilized in the presence of a compliant substrate. These opposing impacts suggest an analytical relationship between parameters associated with the soluble surfactant and compliant wall, ensuring the same critical Reynolds number for the emergence of surface instability corresponding to both surfactant-laden film flow over a compliant wall and surfactant-free film flow over a non-compliant wall. In the arbitrary wavenumber regime, along with the surface mode, we identify two additional modes based on their distinct phase speeds. Specifically, the wall mode emerges in the finite wavenumber regime, while the shear mode emerges only when the Reynolds number is large. As the surfactant Marangoni number increases, the wall mode destabilizes, resulting in a different outcome from the surface mode. Moreover, increasing the value of the ratio of adsorption and desorption rate constants stabilizes surface instability but destabilizes wall mode instability. As a result, we perceive that the soluble surfactant-laden film flow is linearly more unstable than the insoluble one due to surface instability but linearly more stable than the insoluble one due to wall mode instability. Additionally, we see a peculiar behaviour of base surface surfactant concentration on the primary instability. In fact, it has a specific value depending on adsorption and desorption rate constants below which surface instability stabilizes but wall mode instability destabilizes, whereas above which an opposite phenomenon occurs. Finally, in the high-Reynolds-number regime, we can suppress shear mode instability by raising the surfactant Marangoni number and the ratio of adsorption and desorption rate constants when the angle of inclination is sufficiently small. Unlike surface instability, the base surface surfactant concentration exhibits both stabilizing and destabilizing influences on shear mode instability.