The aim of the study is to characterise biologically active hydolysates and peptide fractions obtained from vacuum-packed string beans (Phaseolus vulragis L.) (PB). Unpacked beans were a control sample. The influence on human squamous carcinoma cell line SCC-15 (ATCC CRL-1623) was determined. Packed bean (PB) and unpacked bean (UB) extracts were found to exert no effect on the tongue squamous carcinoma cells. The results of the study indicated that the packing process contributed to the retention of protein, soluble dietary fibre, and free sugar (2.36, 3.5, and 1.79 g/100 d.m., respectively). PB was characterised by higher antioxidant activity (expressed as neutralisation of 2,2′-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid (ABTS ABTS•+) and 2,2-diphenyl-1-picrylhydrazyl (DPPH·) free radicals) as well as Fe2+ chelation and reducing power (IC50 = 54.56, 0.46, 3.85 mg mL−1; 0.088 A700/peptide content, respectively) than the UB samples before hydrolysis. The hydrolysis process enhanced these properties. The IC50 value of lipase and α-amylase inhibitory activity of the hydrolysates obtained from UB was reduced. The PB and UB fractions exhibited a certain level of antimicrobial activity against S. aureus and E. coli. Candida albicans were not sensitive to these peptide fractions.