Summary The proximate composition and functional properties of raw and heat‐processed velvet bean (Mucuna pruriens (L.) DC. var utilis) flours were studied. The flours were prepared by soaking raw beans for 14 h, boiling for 30 min (heat‐processed), manual dehulling, oven‐drying (65 °C) and milling. The heat‐processed flour contained 6.8% moisture, 24.3% protein, 4.9% fat, 1.3% crude fibre, 3.5% ash and 61.2% carbohydrate. The flour was rich in potassium (125 mg/100 g), zinc (9.8 mg/100 g) and phosphorus (361 mg/100 g). Differences in proximate and mineral composition of raw and heat‐processed flours were not significant. The flours showed minimum protein solubility at pH 4.5 and formed reasonably stable emulsions and foams. Compared to raw flour, heat‐processed flour had better water and fat absorption capacities, but lower protein solubility, emulsion and foam capacities. The flours have potential for food product development.