Although microbial communities are associated with many aspects of human, environmental, plant, and animal health, there exists no cost-efficient method for precisely characterizing the species and genes present in such communities. While deep whole-genome shotgun (WGS) sequencing provides the highest-level of taxonomic and functional resolution, it is often prohibitively expensive for large-scale studies. The prevailing alternative, high-throughput 16S rRNA gene amplicon sequencing (16S), often does not resolve taxonomy past the genus level and provides only moderately accurate predictions of the functional profile. Thus, there is currently no widely accepted approach to affordable, high-resolution, taxonomic and functional microbiome analysis. We evaluated the information content of shallow shotgun sequencing with as low as 0.5 million sequences per sample as a possible alternative to 16S sequencing for large human microbiome studies. We describe a library preparation protocol that enables shallow shotgun sequencing at approximately the same per-sample cost as 16S. We used multiple real and simulated biological data sets, including two novel human stool samples with ultra-deep sequencing of 2.5 billion sequences per sample, to demonstrate that shallow shotgun recovers accurate species-level taxonomic and functional profiles of the human microbiome. We also highlight some of the inherent limitations of shallow shotgun sequencing, and we note that 16S sequencing is still a valuable and important method for taxonomic profiling of novel environments. Although deep WGS remains the gold standard for high-resolution human microbiome analysis, we recommend that researchers consider shallow shotgun sequencing as an alternative to 16S for performing large-scale human microbiome research studies.