The objective of this study was to analyze the effects of different single or dual physical treatments, including pre-gelatinization (PBF), annealing (ANN), PBF+ANN, and ANN+PBF, on banana flour’s characteristics and its application in gluten-free chip production. The study involved determining the color, swelling capacity, solubility, oil absorption index, and pasting properties of both the native and modified banana flour samples. The results showed a significant change in color, particularly in the pre-gelatinized samples. There was a noticeable decrease in the values of the pasting parameters in the modified samples. PBF samples exhibited a remarkable reduction in the breakdown value compared to the native and ANN treated samples. Furthermore, PBF-treated banana flour displayed higher oil absorption and swelling power than the other samples, along with lower solubility in the PBF-treated sample. These characteristics appear to be responsible for enabling the pre-gelatinized sample to form the dough required for producing banana chips, resulting in distinct texture profiles. Finally, our research emphasizes the useful application of modified banana flour in the food industry and emphasizes how crucial it is to choose the right modification method to achieve the desired effects on the product.