Mixture design and pilot‐plant scale processing protocol were developed to obtain the best chocolate‐flavored peanut–soy beverage formulation. Twenty‐eight formulations were evaluated for nutritional (lysine content), physical (viscosity [η], visual stability index [VSI]) and nine sensory (consumer liking) attributes. Lysine contents (mg/g protein) (44.1–57.1) were close to the reference (51.0) and in the desirable range observed for other peanut‐based beverages. Higher viscosity indicated lower consumer liking, but lower viscosity resulted in lower VSI. Formulation ♯8 having 43.9% peanut, 36.3% soy protein isolate (SPI) and 19.8% chocolate syrup had the highest consumer liking and the best balance of physical properties (η = 41.5 mPa·s; VSI = 0.99). As compared to commercial chocolate milk (6 = slightly like to 7 = moderately like), it was rated higher for appearance (7.0), color (6.8) and sweetness (6.4). Two SPI formulations (♯6 and ♯7) and a soy flour formulation (♯14) were rated highest for aroma (6.2), color (7.0) and flavor (6.0), respectively.