Phaseolus vulgaris-the commercial bean-is one such staple with nutritional value recognized the world over. Besides being an important food, lately its high concentration of phytochemicals has shown some potential medicinal uses. Its bioactive components range across wide pharmacological activities. This review discusses some of the most relevant micronutrients, proteins, flavonoids, and phenolic acids contained therein. This review highlights in detail the antioxidant, antidiabetic, anti-inflammatory, anticancer, and cardioprotective actions by in vitro and in vivo studies. Also, antimicrobial and weight management application of this legume adds to its vigor as a multifaceted therapeutic agent. The toxicological properties of P. vulgaris such as toxicity via a raw form and means of ingestion and dosage have also been documented. This review demonstrates that Phaseolus vulgaris is much more than a source of caloric sustenance and seriously suggests new medical or nutraceutical possibilities. These findings underline the necessity for far more studies on this versatile legume's medicinal properties in order to employ it properly in modern healthcare.