Lentil (Lens culinaris Medik.) and lentil components are cost‐effective, sustainable, eco‐friendly, nutritious, and vegan functional ingredients in food formulations. These versatile properties have recently increased the popularity of them among consumers and food manufacturers. Various emerging processing technologies, such as microwave (MW), infrared (IR), high pressure (HP), ultrasound (US), cold plasma (CP), ozone, ionizing irradiation, ultraviolet (UV)‐light, ultrafiltration (UF), and isoelectric precipitation (IEP), have been effectively applied to improve the functional properties of lentils and lentil components, thereby increasing their consumption and utility. This review article focuses on the nutritional, health‐promoting, and technological functions of raw and modified lentils/lentil components in food applications and the effects of emerging technologies on their functionality. Selecting appropriate, sustainable technology and determining optimized process conditions are crucial for producing functional, healthy food from modified lentils that display enhanced consumer acceptability. Recent research indicates that MW, IR, HP, US, MW‐IR, HP‐enzymolysis, UV‐US, and US‐γ‐irradiation technologies have substantial potential for modifying and enhancing the functionality of lentil and lentil components.