The effect of thermal treatment on phenolic compounds and type 2 diabetes functionality linked to α-glucosidase and α-amylase inhibition and hypertension relevant angiotensin I-converting enzyme (ACE) inhibition were investigated in selected bean (Phaseolus vulgaris L.) cultivars from Peru and Brazil using in vitro models. Thermal processing by autoclaving decreased the total phenolic content in all cultivars, whereas the 1,1-diphenyl-2-picrylhydrazyl radical scavenging activity-linked antioxidant activity increased among Peruvian cultivars. α-Amylase and α-glucosidase inhibitory activities were reduced significantly after heat treatment (73–94% and 8–52%, respectively), whereas ACE inhibitory activity was enhanced (9–15%). Specific phenolic acids such as chlorogenic and caffeic acid increased moderately following thermal treatment (2–16% and 5–35%, respectively). No correlation was found between phenolic contents and functionality associated to antidiabetes and antihypertension potential, indicating that nonphenolic compounds may be involved. Thermally processed bean cultivars are interesting sources of phenolic acids linked to high antioxidant activity and show potential for hypertension prevention.