Legumes offer the possibility to develop multifunctional foods with benefits for metabolic syndrome. Our objective was to study the effect of alkaline fermentation by Lactobacillus plantarum and Savinase (FLPS) as well the individual effects of both processes on peptides, phenolics and bioactivity of lentil. FLPS increased peptides and some flavonoids and enhanced antioxidant activity, inhibition of angiotensin I-converting enzyme (ACE) and intestinal maltase activities of lentil soluble fraction. Savinase contributed to peptide release, ACE inhibitory and antioxidant activities of lentil soluble fraction. L. plantarum affected to phenolic composition, α-glucosidase and lipase inhibitory activities. Mass spectrometry analysis of the most active fermented lentil subfraction allowed the identification of the main bioactive compounds. Gastrointestinal digestion of fermented lentil increased bioaccessibility of peptides and phenolics as well as antioxidant activity. FLPS enhanced the overall healthy potential of lentil offering the possibility of its use as strategy for lentil functionalization.