The faba bean (Vicia faba L.) is an ancient crop that is represented in collections by cultivated forms only. Molecular data and other evaluations revealed that the wild ancestor of this species has not yet been identified or has become extinct. This result highlights the importance of ex situ collections for the current and future breeding of this crop, particularly when genetic diversity in agriculture is declining due to industrialization. In terms of floral biology, seed size and composition, as well as susceptibility to a number of biotic and abiotic stimuli, a significant genetic variability in V. faba has already been documented. Diversity analysis through genotyping is just beginning. Genetic resources can now be differentiated based on their geographical origin and architecture collection by the use of AFLP (amplified fragment length polymorphism) or SSR (simple sequence repeat) markers. The analysis of sequence diversity for V. faba genes and the assessment of their influence on phenotypic traits now have new huge kudos to the conservation of gene sequences among legume species and the rapid discovery of genes, particularly in the model species Medicago truncatula and Lotus japonicus. Combined genotyping and phenotyping projects must continue on V. faba so that core collections can be defined; these will help in the discovery of genes and alleles of interest for breeders.