The common bean, Phaseolus vulgaris L., is an important legume grown in all parts of Nepal to supply dietary protein for humans and livestock. They are rich in a variety of bioactive compounds and thus possess health‐promoting effects in the prevention of chronic diseases, including cancer, cardiovascular diseases, obesity, and diabetes. The present study examined the nutritional and proximate composition and screened the bioactive compounds present in beans grown in the high‐altitude regions of Nepal. The analysis of 18 beans indicated the moisture (6.48%–8.83%), crude protein (17.39%–23.54%), carbohydrate (58.74%–66.37%), crude fat (0.78%–1.58%), crude fiber (3.36%–4.75%), total ash (3.33%–4.69%), and total energy (340.24–350.16 kcal/100 g). The results showed that the common beans were also good sources of nutritionally important minerals, including copper (2.72–8.77 mg/kg), calcium (843.86–2763.62 mg/kg), iron (38.93–73.69 mg/kg), magnesium (1540.63–2083.52 mg/kg), sodium (205.91–695.81 mg/kg), potassium (13,560.21–16,957.05 mg/kg), and zinc (19.80–31.00 mg/kg) on a dry weight basis. Quantification of bioactive compounds revealed the highest concentration of total phenolic content (TPC) in the beans from Jumla (5.96 mg GAE/g) than Dolakha and Darchula. However, the total flavonoid content was higher in Dolakha beans (3.47 mgQE/g). The EP‐15‐03FB landrace from Jumla was superior in terms of protein, phytochemical, and TPC. The results of this study will provide valuable information on the nutritional and phytochemical contents of beans and serve as a basis for further utilization of common beans.