The luscious fruit‐bearing plant Elaeagnus pyriformis (Hook. f.), sometimes called oleaster or silverberry, is found in northeastern India. Natives from this region consume fruit because it is believed to be nutritious and to offer protection against various diseases. This study aimed to prepare wine from Elaeagnus fruits and assess its nutritional content and antioxidant and anticancer properties in cancer cell lines. GC‒MS (gas chromatography/mass spectrometry) was utilized to determine the active phytocompounds in the wine, which were then docked against cancer‐related proteins. Simultaneously, 16S rRNA metagenomic analysis was conducted to identify the diverse bacterial species present in the wine samples. The results revealed significant amounts of free fatty acids, free amino acids, total sugars, total protein, macroelements, and microelements in Elaeagnus wine (oleaster wine). Oleaster wine exhibited high antioxidant activity, indicating its significant medicinal importance. Eleven putative phytocompounds were identified through GC‒MS analysis and a molecular docking study of these compounds revealed favorable interactions with the studied cancer‐related proteins. A cell line study revealed that the wine possessed noteworthy anticancer activity, supporting its potential medicinal and biological benefits, as demonstrated by the in silico results. Furthermore, metagenomic analysis of the 16S rRNA V3–V4 region revealed that the wine sample and microbial population contained diverse bacterial species, which play a vital role in the anticancer properties. Considering all the in vitro, in silico, and metagenomic data, it can be concluded that the wine offers therapeutic and health benefits.