Mung bean (Vigna radiata L.) is an important pulse consumed all over the world, especially in Asian countries, and has a long history of usage as traditional medicine. It has been known to be an excellent source of protein, dietary fiber, minerals, vitamins, and significant amounts of bioactive compounds, including polyphenols, polysaccharides, and peptides, therefore, becoming a popular functional food in promoting good health. The mung bean has been documented to ameliorate hyperglycemia, hyperlipemia, and hypertension, and prevent cancer and melanogenesis, as well as possess hepatoprotective and immunomodulatory activities. These health benefits derive primarily from the concentration and properties of those active compounds present in the mung bean. Vitexin and isovitexin are identified as the major polyphenols, and peptides containing hydrophobic amino acid residues with small molecular weight show higher bioactivity in the mung bean. Considering the recent surge in interest in the use of grain legumes, we hope this review will provide a blueprint to better utilize the mung bean in food products to improve human nutrition and further encourage advancement in this field.