With evolving lifestyle preferences, consumer interest has shifted toward diets rich in antioxidants, notably anthocyanins. This study evaluates the engineering, milling, and nutritional properties of three colored wheat types (Amber, Purple P1, and Purple P2) as well as their bran fractions. Moisture levels (12%, 14%, and 16%) were investigated for their effects on engineering and debranning characteristics. The bran and flour samples of the selected wheat samples were examined for their nutritional and antioxidant characteristics. Purple P1 wheat demonstrated the highest protein, fiber, ash, and phytic acid content. Purple P2 had elevated crude fat content, while Amber exhibited increased starch content in both whole wheat flour and pearled bran. Bran consistently contained nearly double the anthocyanin content compared to flour, with Purple P1 wheat exhibiting the highest levels. Purple P1 also displayed superior polyphenol content, total flavonoids, and total antioxidant activity, while Amber samples showed minimum antioxidant activity. Considering the high nutritional and antioxidant qualities of wheat bran, their utilization as functional food seems promising. Also, there is good scope to incorporate wheat bran into different food products (like cookies, bread, noodles, etc.). The application of different modification treatments especially biological modification can further enhance their health‐promoting and functional properties.