Faba bean (Vicia faba L.) protein is a new plant protein alternative source with high nutrient content especially protein and phenolic compounds. The present study investigated physicochemical properties, phenolic content, antioxidant potential, and short chain fatty acids (SCFAs) production during in vitro digestion and colonic fermentation of faba bean hydrolysates and oil-in-water (O/W) emulsions. Results indicate that the enzymic hydrolysates of faba proteins exhibited higher protein solubility, increased electronegativity, and decreased surface hydrophobicity than native faba protein. O/W emulsions showed improved colloidal stability for the faba protein hydrolysates after ultra-high temperature processing (UHT). Furthermore, UHT processing preserved total phenolic content, DPPH and ABTS radical scavenging abilities while decreasing total flavonoid content and ferric reducing power. Besides, the release of phenolic compounds in faba bean hydrolysates (FBH) and emulsions (FBE) improved after intestinal digestion by 0.44 mg GAE/g and 0.55 mg GAE/g, respectively. For colonic fermentation, FBH demonstrated an approximately 10 mg TE/g higher ABTS value than FBE (106.45 mg TE/g). Total SCFAs production of both FBH and FBE was only 0.03 mM. The treatment of FBH with 30 min enzymatic hydrolysis displayed relatively higher antioxidant capacities and SCFAs production, indicating its potential to bring more benefits to gut health. Overall, this study showed that enzymic hydrolysis of faba proteins not only improved the colloidal emulsion stability, but also released antioxidant capacity during in vitro digestibility and colonic fermentation. Colonic fermentation metabolites (SCFAs) were related to the degree of hydrolysis for both FBH and FBE. Additional studies are required to further elucidate and differentiate the role of phenolics during faba protein processing and digestion stages in comparison to contributions of peptides, amino acids and microelements to digestion rates, antioxidant capacities and colonial SCFA production.