The current investigation was carried out to develop polyphenol-enriched functional drinks from oil industry waste. Purposely, polyphenols were extracted from the mustard and sesame oilseed cakes through ultrasound-aided extraction alongside conventional extraction mode for comparison purposes. Among the oilseed cake extracts, sesame with methanol and ultrasonic extraction exhibited best results for TPC, DPPH, FRAP, ABTS, and β-carotene as 39 ± 0.04 g GAE/100 g, 35 ± 0.02 g TE/100 g, 20 ± 0.02 g TE/100 g, 18 ± 0.03 g TE/100 g, and 35 ± 0.05 g TE/100 g, respectively, and mustard showed 31 ± 0.04 g GAE/100 g, 20 ± 0.01 g TE/100 g, 16 ± 0.02 g TE/100 g, 12 ± 0.01 g TE/100 g, and 30 ± 0.05 g TE/100 g, respectively. In case of conventional extraction and methanol as solvent, sesame revealed outcomes for TPC, DPPH, FRAP, ABTS, and β-carotene as 13 ± 0.02 g GAE/100 g, 17 ± 0.03 g TE/100 g, 10 ± 0.01 g TE/100 g, 21 ± 0.04 g TE/100 g, and 15 ± 0.03 g TE/100 g, respectively, compared to mustard which showed for TPC, DPPH, FRAP, ABTS, and β-carotene as 11 ± 0.02 , 12 ± 0.01 , 08 ± 0.01 , 17 ± 0.03 , and 10 ± 0.01 , respectively. Likewise, for mustard oilseed cake extract with conventional extraction technique and water as solvent, minimum findings were observed for TPC, DPPH, FRAP, ABTS, and β-carotene as 07 ± 0.01 , 09 ± 0.02 , 06 ± 0.01 , 14 ± 0.03 , and 07 ± 0.01 , respectively. T0 without extracts, T1 (sesame oilseed cake extract based Functional drink) , and T2 (mustard oilseed cake extract based Functional drink). The recorded values for total phenols, total flavonoids, total carotenoids, and vitamin C in T0, T1, and T2 were 29.79 ± 6.05 , 32.53 ± 7.05 , and 30.5 ± 5.05 ; 26.33 ± 5.05 , 30.60 ± 7.05 , and 29.75 ± 5.05 ; 2.11 ± 0.05 , 2.12 ± 0.05 , and 2.08 ± 0.01 ; and 31.7 ± 7.05 , 30.5 ± 5.05 , and 29.6 ± 6.05 , respectively. Likewise, sensory evaluation for color, flavor, sweetness, sourness, and overall acceptability during 2 months of storage depicted acceptable scores. The inclusive best outcomes for phytochemical analysis were achieved with sesame oilseed cake extracts by applying ultrasonic extraction technique and methanol as solvent. In the same way, among the developed functional drinks, T1 (sesame oilseed cake extract-based functional drink) exhibited best physiochemical as well as storage characteristics.