The nutrients, non-nutritional components and bioactive compounds, as well as the antioxidant capacity of raw, cooked, tray and drum-dried Phaseolus lunatus have been quantified. Likewise, the minerals, soluble carbohydrates, total polyphenols and tannins in the soaking and cooking waters were quantified. In addition, the functional properties such as the water and oil absorption indexes and the emulsifying and the foaming capacities were studied. The protein content of the raw beans was 24.98% and decreased, like calcium, magnesium and potassium, with the soaking and cooking processes; these losses are found in the soaking and cooking waters. Drum drying decreased anti-nutritional factors like trypsin inhibitors (66.09%) and cyanhydric acid (50.36%). Similarly, soluble fiber, available starch, total starch, and soluble sugars diminished, while total and insoluble fiber and resistant starch increased. The content of total polyphenols, tannins and antioxidant capacity decreased with thermal processing, being drum drying the process that least diminished antioxidant capacity. Likewise, the water absorption index was increased by 85% and 161.5% with processing. It was shown that P. lunatus is an important source of nutrients and can be consumed in whole bean form or used as a functional ingredient to be added in the development of new products.