Fermented food products, especially those derived from cereals and legumes are important contributors to diet diversity globally. These food items are vital to food security and significantly contribute to nutrition. Fermentation is a process that desirably modifies food constituents by increasing the palatability, organoleptic properties, bioavailability and alters nutritional constituents. This review focuses on deciphering possible mechanisms involved in the modification of nutritional constituents as well as nutrient bioavailability during the fermentation of cereals and legumes, especially those commonly consumed in developing countries. Although modifications in these constituents are dependent on inherent and available nutrients in the starting raw material, it was generally observed that fermentation increased these nutritive qualities (protein, amino acids, vitamins, fats, fatty acids, etc.) in cereals and legumes, while in a few instances, a reduction in these constituents was noted. A general reduction trend in antinutritional factors was also observed with a corresponding increase in the nutrient bioavailability and bioaccessibility. Notable mechanisms of modification include transamination or the synthesis of new compounds during the fermentation process, use of nutrients as energy sources, as well as the metabolic activity of microorganisms leading to a degradation or increase in the level of some constituents. A number of fermented products are yet to be studied and fully understood. Further research into these food products using both conventional and modern techniques are still required to provide insights into these important food groups, as well as for an overall improved food quality, enhanced nutrition and health, as well as other associated socioeconomic benefits.