Concerns regarding sustainability have prompted the search of value in the by-products of food manufacturing. Such is the case of the cooking water (CW) of chickpeas, which has shown its potential as a vegan egg white replacement. This study aimed to characterize and compare the CW from three novel legumes (black soybeans, BSB; yellow soybeans, YSB; and small black beans, SBB) obtained from the processing of Korean soybean foods, and the widely used CW from chickpeas (CH), with regard to total polyphenol, total carbohydrate, and protein contents, and further compare their foaming and emulsifying abilities and stabilities. Compositional analysis revealed that all the studied legumes possessed higher values than CH for all parameters. Furthermore, the CW from these legumes exhibited enhanced functional properties, particularly foaming capacity and stability. Taken together, our results suggest that the CW from BSB, YSB, and SBB, sourced from the manufacturing of legume food products, has the potential of being revalorized as a plant-based functional ingredient for vegan product development.