"When I look at the images on websites like 500px, I always find them soft yet very sharp. They look very beautiful and don't feel harsh on your eyes. How to get this contrast which looks soft and at the same time makes the image look sharp too? Is this effect called as "Soft Contrast"? What's the procedure to get that effect using Photoshop"

An OP posted this on another site about 6 years ago. In the intervening time I've never seen an  answer his question. Responders called for examples but in fashion photography they're all over the www. Sites such as Fashionography, Fashion gone rogue and Market Place Lookbooks all feature photos with this look which appears to be a general technique rather than an individual style. It seems to be a way of retouching that bypasses many retouching enthusiasts.

if you study the histogram of that particular workstyle u will notice they r either ranged between midtone to highlight or midtone to shadows. then if you boost the sharpness through highpass or unsharp mask it's going to retain the soft low contrast look n yet have that sharpness. sharpness is basically a local contrast. so adding some sharpness is not going to spoil the low contrast look.
but one suggestion;avoid any clipping. stay within 5,5,5 n 250,250,250 range.

You might be referring to mid-tone contrast, or a boost in clarity done
with LR or ACR.

Thanks so far

The OP mentioned above did'nt post any examples but as a guess this is what he may have had in mind

oops sorry couldnt work out how to post some examples

that under 500 px is done by resizing the image size by not compromising the quality of the image. softness is done doge and burn with curves to give depth.