The development of highly nutritious bakery products with optimum utilization of food waste is a major challenge for the food industry. The optimum utilization of food waste for the sustainable development goal of the country is important for the growth of the nation. The aim of the present work is to prepare value-added composite flour-mixed bread from waste fruit and vegetables. The composite flour was prepared in four formulations of peel and pomace with wheat flour (PPWF), as PPWF1, PPWF2, PPWF3, and PPWF4. Composite flour was blended with a mix of vegetable and fruit pomace powders and whole wheat flour. Indian gooseberry pomace powder, apple pomace powder, bottle gourd peel powder, and potato peel powder were used with whole wheat flour to make pomace and whole wheat flour compositions such as PPWF1, PPWF2, PPWF3, and PPWF4. Out of these four flours, PPWF3 contained a good amount of fiber 8.16%, crude protein 3.18%, total phenolic content 14.48%, moisture 9.5%, vitamin C 13.64 mg/100 g, and total phenolic compound 14.48 (mg/GAE/g), which are maximum and acceptable range values as compared to the other three composite flours and the control group flour. PPWF3 is used as a partial replacement ratio for wheat flour due to its high phenolic content, vitamin C content, and richness in fibers. This composite flour is used to make bread dough, and two samples, G1 and G2, are made, out of which G2 offers better nutritional, functional, and sensory evaluations in comparison with refined wheat bread, which is taken as a control group. Thus, such utilization of food waste in bread making can generate value from waste and improve the nutritional attributes of bread, which may improve an individual’s health.