Production of novel functional ingredients from legume proteins is a valuable strategy to boost their food use and intake. Aimed at a better exploitation of the functional properties of pinto bean hydrolysates, the effectiveness of two subtilisins (Alcalase and Savinase) for the simultaneous release of bioactive peptides and phenolics with antioxidant, angiotensin I converting enzyme (ACE) inhibitory and anti-inflammatory activities was investigated. A higher proteolytic efficiency was observed for Alcalase that increased the concentration of small peptides in hydrolysates after 120 min. Savinase improved hydroxycinnamic acids and flavonoid contents in hydrolysates after 90 min due to its higher esterase activity. The most active hydrolysates combined potent free radical scavenging (326–348 mmol TE/g), ACE inhibitory (IC50 = 0.22–0.26 mg/mL) and anti-inflammatory (28–16% inhibition) activities. Peptide characterization of active hydrolysates confirmed the presence of bioactive fragments derived from phaseolin. These results evidence the promising potential of pinto bean hydrolysates as functional ingredients in the design of healthy foods.