A mixture of blue corn, black bean, and chard with a moisture content (MC) of 22.3–35.7% is extruded at different extrusion temperatures (ET) (102—142 °C) using screw speeds (SP) of 96–172 rpm, and the extruded mixtures are subsequently expanded using microwave radiation to produce third‐generation (3G) snacks. The degree of starch gelatinization (DG); in vitro starch digestibility (SD); specific mechanical energy (SME); physical properties: radial expansion (RE), flexural modulus (Ef), and bulk density (BD); and rheological properties: storage modulus (G′) and loss modulus (G″) are evaluated and optimized. In addition, X‐ray and microstructure analyses are studied to correlate the chemical and structural changes. The SP and MC affect most variables in the unexpanded snack (UETS) and microwave‐expanded snacks (MWES). Increased MC results in UETS with low SD, DG, rheological properties, and mechanical resistance. An increase in SP at low MC results in MWES with high RE, low BD, and Ef while an increase in MC lowers SD. Micrographs and X‐ray diffraction spectra reveals that the extrusion results in a V‐type starch crystalline structure. The optimal conditions (24% MC, 133 rpm, and 122 °C) result in good expansion and moderate SD, DG, and SME products.