Plant-based beverages are gaining attention due to their potential to offer sustainable and health-promoting alternatives to traditional dairy products. This study aimed to develop a dehydrated functional plant-based beverage composed of tigernut tubers (Cyperus esculentus L.), mukua pulp (Adansonia digitata L.), and thermal water. All matrices and the final beverage were fully characterized in terms of physical properties, nutritional value, chemical parameters, mineral content, and bioactive capacity (antioxidant, antimicrobial, antiproliferative and hypocholesterolemic effects). Microbiological safety was ensured. To promote zero waste, by-product from the beverage development was characterized for potential applications. The ingredients used to develop the plant-based beverage showed a rich nutritional, chemical and bioactive profile, resulting in a beverage with high levels of unsaturated fatty acids, proteins, and vitamin E. This beverage demonstrated functional potential with antioxidant and hypocholesterolemic effects and no toxicity in in vitro screening, positioning it as a promising functional plant-based product with commercial viability.