Juice formulations containing guava pulp and different amounts (0%, 1%, 3%, and 5%) of its by-product flour (GBF) were developed and evaluated for antioxidant activity, total phenolic compounds, physicochemical, rheological, microbiological and sensorial parameters. The GBF addition to guava juice increased the acidity and altered the color and rheological parameters, especially at higher levels (3% and 5%). There was an increase in the content of dietary fiber, anthocyanins and antioxidant activity with GBF addition, but no changes occurred in the soluble solids, total phenolic compounds, and ascorbic acid content. The guava juice containing 1% GBF received better sensory scores when compared with the 3% and 5% GBF formulations. Storage at 4 o C for 21 days affected most of the parameters examined, but the microbiological parameters remained stable. Shelf life of 14 days is recommended to maintain the physicochemical and antioxidants characteristics of guava juice.