In the present study, water extracts from banana and red beetroot peels were evaluated as a potential source of biologically active compounds for the formulation of edible films. Using spectrophotometric and HPLC-DAD methodologies, banana peel extract was found to be a valuable source of dopamine (156.08 mg L−1), while red beetroot peel extract was abundant in red-violet pigments betacyanins (90.1 mg betanin L−1). The biological activity of the extracts was studied by determining their effects on macromolecular models, including DNA (plasmid phiX RF1 DNA), protein (bovine serum albumin), and lipid (linoleic acid) models, as well as on continuous human cell lines of colon cancer Caco-2 and hepatocellular liver cancer Hep G2 at concentrations of 0.2 and 1 mg mL−1. Results showed that the extracts had no adverse effects and both were further used for the formulation of edible films using alginate in combination with three types of plant proteins—rice, peanut, and pumpkin. In general, edible films based on banana peel extract were characterized by better bioactive properties compared with the films based on red beetroot peel extract. The addition of peanut proteins into the formulations resulted in the most desirable bioactive profile of the formulated edible films, including total phenolic content and antioxidant capacity. Aside from the control sample prepared only with the alginate, the highest dopamine content was determined in the film with incorporated pumpkin proteins (10.72 mg g−1 dw), while the sample prepared with peanut proteins was richest in betacyanins (175.58 mg betanin g−1 dw).