The effects of boiling and steaming processes at atmospheric and high pressures on the phenolic components and antioxidant properties of pinto and black beans were investigated. In comparison to the original raw beans, all processing methods caused significant (p < 0.05) decreases in total phenolic content (TPC), total flavonoid content (TFC), condensed tannin content (CTC), monomeric anthocyanin content (MAC), DPPH free-radical scavenging activity (DPPH), ferric-reducing antioxidant power (FRAP), and oxygen radical absorbing capacity (ORAC) values in both pinto and black beans. Steaming processing resulted in a greater retention of TPC, DPPH, FRAP, and ORAC values than the boiling processes in both pinto and black beans. To further investigate how thermal processing affected phenolic compositions and to elucidate the contribution of individual phenolic compounds to antioxidant properties, phenolic acids, anthocyanins, flavan-3-ols, and flavonols were quantitatively analyzed by high-performance liquid chromatography (HPLC). All thermal processing significantly (p < 0.05) affected individual phenolic acids, anthocyanins, flavan-3-ols, and flavonols, significantly (p < 0.05) reduced total phenolic acid contents in both pinto and black beans and total flavonol contents in pinto beans, and dramatically reduced anthocyanin contents in black beans. Phenolic acids and flavonols may play important roles on the overall antioxidant activities of pinto beans, while anthocyanins, flavan-3-ols, and flavonols may play important roles on the overall antioxidant activities of black beans.