Valorizing agricultural wastes to preserve food or to produce functional food is a general trend regarding the global food shortage. Therefore, natural preservatives were developed from the seed waste of the cluster bean and the common bean to extend the shelf life of fresh buffalo meat steak and boost its quality via immersion in high-solubility peptides, cluster bean protein hydrolysate (CBH), and kidney bean protein hydrolysate (RCH). The CBH and the RCH were successfully obtained after 60 min of pepsin hydrolysis with a hydrolysis degree of 27–30%. The SDS-PAGE electropherogram showed that at 60 min of pepsin hydrolysis, the CBH bands disappeared, and RCH (11–48 kD bands) nearly disappeared, assuring the high solubility of the obtained hydrolysates. The CBH and the RCH have considerable antioxidant activity compared to ascorbic acid, antimicrobial activity against tested microorganisms compared to antibiotics, and significant functional properties. The CBH and the RCH (500 μg/mL) successfully scavenged 93 or 89% of DPPH radicals. During the 30-day cold storage (4 °C), the quality of treated and untreated fresh meat steaks was monitored. Protein hydrolysates (500 g/g) inhibited lipid oxidation by 130–153% compared to the control and nisin and eliminated 31–55% of the bacterial load. The CBH and the RCH (500 μg/g) significantly enhanced meat redness (a* values). The protein maintained 80–90% of the steak’s flavor and color (p < 0.05). In addition, it increased the juiciness of the steak. CBH and RCH are ways to valorize wastes that can be safely incorporated into novel foods.