Bambara groundnut is an indigenous African vegetable grown mainly for human food and animal feed due to its high protein content. Different factors like varieties and origin can influence the chemical composition of Bambara groundnut cultivars. Therefore, the aims of this study are to produce defatted flour and protein concentrate from newly developed Bambara groundnut cultivars [Accessions No: TVSU 5 – Bambara Groundnut White (BGW) and TVSU 146 – Bambara Groundnut Brown (BGB)] and compare their nutritional, physicochemical, and functional properties with market sample [Bambara groundnut commercial (BGC)]. Higher protein content was observed in BGW (20.73%) and BGB (20.14%) as compared to BGC (18.50%). Also, the fat and ash contents of BGB and BGW were higher than that of BGC. Also, the new varieties were found to contain higher levels of some essential fatty acids such as linoleic and linolenic acids. The concentration of thiamine, riboflavin, niacin, pantothenic, ascorbic acids, pyrodoxine, alpha tocopherol, and vitamin K were also significantly higher in the two new varieties. The new varieties were good sources of magnesium, calcium, iron, manganese, sodium, and potassium. The oil and water absorption and swelling capacities of whole, defatted, and protein concentrate flour of the new varieties increase with increase in temperature. The defatted flour and protein concentrate of brown Bambara groundnut was found to exhibit high emulsifying activity and stability at different pH's and salt concentrations. The new varieties possess significantly higher foaming capacity and stability than the commercial variety. The results obtained from this study have shown the potential for the industrial and household use of the new Bambara groundnut cultivars into shelf stable protein products and could be a useful ingredient in food formulations.