Common beans are an inexpensive source of high-quality food ingredients. They are rich in proteins, slowly digestible starch, fiber, phenolic compounds, and other bioactive molecules that could be separated and processed to obtain value-added ingredients with techno-functional and biological potential. The use of common beans in the food industry is a promising alternative to add nutritional and functional ingredients with a low impact on overall consumer acceptance. Researchers are evaluating traditional and novel technologies to develop functionally enhanced common bean ingredients, such as flours, proteins, starch powders, and phenolic extracts that could be introduced as functional ingredient alternatives in the food industry. This review compiles recent information on processing, techno-functional properties, food applications, and the biological potential of common bean ingredients. The evidence shows that incorporating an adequate proportion of common bean ingredients into regular foods such as pasta, bread, or nutritional bars improves their fiber, protein, phenolic compounds, and glycemic index profile without considerably affecting their organoleptic properties. Additionally, common bean consumption has shown health benefits in the gut microbiome, weight control, and the reduction of the risk of developing noncommunicable diseases. However, food matrix interaction studies and comprehensive clinical trials are needed to develop common bean ingredient applications and validate the health benefits over time.