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Beetroot is a good source of minerals, fibers, and bioactive components. The present research work was conducted to evaluate the nutritional quality of beetroots (juice, peels, leaves and pomace) enhancing the extracted bioactive components, and developing a functional probiotic beverage. Chemical composition and minerals content of beetroot parts were estimated. The bioactive components were extracted by instant extraction method (IEM) and overnight extraction method (at −20 °C) (OEM) to determine total phenolics, flavonoids, and DPPH inhibition ratio. The extracted beetroot juice was mixed with milk for valorization of the beverage nutritional value and fermented with LA-5 and ABT-5 cultures to create a novel functional beverage. Chemical composition, minerals content, and bioactive components of beverages were estimated. The leaves exhibited the highest calcium content (1200 mg/100 g). Juice showed the highest amount of all minerals except for calcium and magnesium. Overnight extraction method (OEM) increased the antioxidant activity in peels and stems. Natural juice exhibited the highest activity compared to extracts. Fermentation of beet-milk beverage with LA-5 and ABT-5 cultures enhanced the beverage taste, flavor, and antioxidant capacity. Beetroot wastes and juice comprise a valuable nutritional source. Fermentation improved the nutritional value of beetroot and the acceptability of the product.