The rising incidence of cancer is often linked to the adoption of a Westernized diet, characterized by high fat, animal protein, and refined carbohydrates. While diet itself might not be a direct carcinogen, it can influence and exacerbate carcinogenic processes. In contrast, traditional healthy diets in numerous regions worldwide incorporate legumes as a significant component due to their substantial nutritional value and therapeutic effects, designating them as nutraceuticals. Legumes, renowned for their low-fat content, rich protein profile, dietary fiber, and diverse micronutrients and phytochemicals, have prompted speculation regarding their potential to mitigate tumor risks if consumed sufficiently. This review aims to investigate the potential role of lentils and beans, focusing on their constituent phytochemicals responsible for cancer prevention and treatment. Phytoconstituents such as dietary fiber, resistant starch, phenolic compounds, phytosterols, and oligosaccharides present in pulses are known contributors to their anticancer properties. However, while recognizing the potential anticancer nature of pulses, the mechanisms underlying their action remain ambiguous within conventional use. The review underscores the need to elucidate the quantitative impact of pulses in reducing cancer risk and emphasizes leveraging their cancer-preventive constituents in the development of food-derived medicines. The synthesis of existing literature highlights the promising anticancer properties of lentils and beans due to their diverse phytoconstituents. Nonetheless, the lack of comprehensive understanding regarding their mechanisms of action necessitates further research. Quantifying their contribution to reducing cancer risk and harnessing their cancer-preventive constituents for therapeutic purposes represent crucial avenues for future exploration. Ultimately, bridging these knowledge gaps will not only enhance our comprehension of the oncological properties of pulses but also potentially pave the way for novel cancer-preventive strategies and therapeutic interventions derived from these nutritional powerhouses.