Lupines and faba beans are promising ingredients for the beverage industry. They contain high amounts of protein and can be grown in different climate zones and agricultural areas. Therefore, these legumes appear as ideal raw material for vegan, functional, and sustainable beverages. Nevertheless, the sensory characteristic of legumes is generally not accepted in beverages. Therefore, the market contribution of legume-based beverages is currently only marginal. This review highlights known major flavor aspects of lupines and faba beans and the possibilities to improve these by germination, heat treatment, enzymatic treatment, and subsequent lactic acid fermentation. First, the main aroma and taste compounds are described. Thereby, the "beany" aroma is identified as the most relevant offflavor. Second, the nutrients and antinutrients of these legumes regarding to their use as food and as substrate for lactic acid fermentation are reviewed, and possibilities to modulate the substrate are summarized. Finally, the modification of the sensory profile by lactic acid fermentation is outlined. To conclude, it seems likely that the nutritional and flavor attributes in legume-based beverages can be improved by a combined process of substrate modulation and fermentation. In a first step, antinutrients should be decomposed and proteins solubilized while transforming the solid grains into a liquid substrate. Due to such substrate modulation, a broader variety of strains could be employed and the fermentation could be based exclusively on their impact on the flavor. By applying the concept of combining a substrate modulation with a subsequent fermentation, the use of legumes in beverages could be facilitated and new products like vegan, protein-rich, refreshing beverages could be marketed.