The pearl millet based functional pasta was formulated by incorporating freeze dried dragon fruit pulp powder and 2% (w/w) microcapsule containing dragon fruit peel extract. The control pasta consisted of 100% pearl millet flour. The other four functional pasta samples consisted of pearl millet and freeze-dried dragon fruit pulp powder (DFP) in the ratio of 95:5, 90:10, 85:15, and 80:20 (w/w), respectively. The inclusion of dragon fruit powder enhanced the swelling index, water absorption index, color, and functional properties of the pasta. The total phenolic content (0.24–0.43 mg GAE/100 g d.w.), antioxidant activity (17.76–30.67%), and betacyanin content (0.149–0.152 mg/g d.w.) of the pasta was increased with the increase of dragon fruit pulp level in the formulation. The release kinetics of phenolic compounds into the simulated gastric juice was modeled using Higuchi and Peppas- Sahlin models. Out of these two models Peppas- Sahlin model ( and ) found to predict the release of phenolics into simulated gastric juice with respect to time of release when compared with Higuchi model ( and ). The onset of transition temperature and enthalpy of gelatinization of pasta samples was found to be in the range of 66.321–74.681 °C and increased with the increase of dragon fruit level in the formulation.