Legume proteins have a promising future in the food industry due to their nutritional, environmental, and economic benefits. However, their application is still limited due to the presence of antinutritional and allergenic compounds, their poor technological properties, and their unpleasant sensory characteristics. Fermentation has been traditionally applied to counteract these inconveniences. At present, lactic acid fermentation of legumes is attracting the attention of researchers and industry in relation to the development of healthier, tasty, and technologically adapted products. Hence, we aimed to review the literature to shed light on the effect of lactic acid fermentation on legume protein composition and on their nutritional, functional, technological, and sensorial properties. The antimicrobial activity of lactic acid bacteria during legume fermentation was also considered. The heterogenicity of raw material composition (flour, concentrate, and isolate), the diversity of lactic acid bacteria (nutriment requirements, metabolic pathways, and enzyme production), and the numerous possible fermenting conditions (temperature, time, oxygen, and additional nutrients) offer an impressive range of possibilities with regard to fermented legume products. Systematic studies are required in order to determine the specific roles of the different factors. The optimal selection of these criteria will allow one to obtain high-quality fermented legume products. Fermentation is an attractive technology for the development of legume-based products that are able to satisfy consumers’ expectations from a nutritional, functional, technological, and sensory point of view.