Legumes have the potential to support global protein production by partially replacing meat and dairy products in the human diet. This will not only help meeting the increasing worldwide demand for proteins, but could contribute towards mitigating the threat imposed to the environment by current agricultural practices in higher-economy countries (dependence on fossil fuel energy and harmful emissions). Among the legumes, fava bean (Vicia faba L.) is a valuable crop. It is a rich source of proteins, fiber, and other non-nutrient compounds considered beneficial for health. Although a popular source of proteins in many parts of the world, especially in the Middle East, Mediterranean area, and South America, it has yet to be fully exploited in markets where meat is the predominant source of proteins in the diet. Here, fava bean cultivation could not only make a valuable contribution towards protein self-sufficiency, but could potentially play a role in alleviating the rise in chronic diseases. In addition, fava bean enables symbiotic fixation of atmospheric nitrogen and can provide a more environmentally friendly substitution for industrial N-fertilizers with associated improvements in resource efficiency and production costs. From both a food security and environmental sustainability perspective, encouraging both production and consumption of fava bean is a timely and important target. This review focuses on the potential of fava bean as a functional food ingredient to partially replace meat in the human diet.