The food industry, along with the consumers, is interested in plant-based diet because of its health benefits and environmental sustainability. Vicia faba L. (V. faba) is a promising source of pulse proteins for the human diet and can yield potential nutritional and functional ingredients, namely, flours, concentrates, and isolates, which are relevant for industrial food applications. Different processes produce and functionalize V. faba ingredients relevant for industrial food applications, along with various alternatives within each unit operation used in their production. Processing modifies functional properties of the ingredients, which can occur by (i) changing in overall nutritional composition after processing steps and/or (ii) modifying the structure and conformation of protein and of other components present in the ingredients. Furthermore, V. faba limitations due to off-flavor, color, and antinutritional factors are influenced by ingredient production and processing that play a significant role in their consumer acceptability in foods. This review attempts to elucidate the influence of different ways of processing on the functional, sensory, and safety aspects of V. faba L. ingredients, highlighting the need for further research to better understand how the food industry could improve their utilization in the market.