Faba beans (Vicia faba L.) are the third most important legume after soya (Glycine max) and pea (Pisum sativum). Similar to other legumes, it contains high amount of lysine rich protein (one of the essential amino acids), carbohydrates and other essential micmnutrients. It can also be entitled as the cheapest source of protein. Although, comparatively it has a higher shelf life, but this legume is highly underutilized due to the omnipresence of antinutritional factors (ANF's) like protease inhibitors, amylase inhibitors, lectins, convicine and vicine, etc. Though, the amino acid profile is not complete, but other foods such as cereals and legumes can be used as complementary to each other. Due to presence of these ANF's, harmful effects are observed after its raw ingestion, overshadowing the nutritional aspects. Recent advancements in food technology like extrusion, microwave heating, fortification, extrusion, fermentation, bioprocessing, etc. along with traditional methods have given positive results, allowing human consumption and inclusion of faba beans in various novel food products. The functional characteristics of bioactive compounds, the nutritional characteristics and the results obtained after application of the above stated food processing techniques have been properly discussed in this article.