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Summary The increase in unhealthy populations and health consciousness grows hand in hand. This creates a massive demand for functional and nutraceutical food with bioactive components like polyphenols, anthocyanin, proanthocyanidin, and carotenoids to prevent and treat degenerative disease conditions. The native pigmented and non‐pigmented rice landraces, rich in phytonutrients, were subjected to Microwave‐assisted ultrasonication extraction. The TPC, TFC, TAC, DPPH, and ABTS of the selected landraces ranged between 0.95 to 2.91 mg GAE/g, 13.87 to 33.89 mg CE/g, 8.67 to 19.40 mg AAE/g, 69.37 to 94.01%, and 27.76 to 61.32%, respectively. This study showed the pragmatic impact of the combined extraction of phenolics from rice landraces. Techno‐functional parameters were also examined, including colour, particle size, water activity, gelatinization power, SEM, CHNS, and FTIR. The results indicated the effect of combined extraction on the pigmented landraces would benefit as a nutraceutical cereal replacement in novel food processing.