Millets have re-emerged as functional grains due to their rich nutrient composition and diverse bioactive constituents. This study presents a comparative physicochemical evaluation of selected cultivars of finger millet (Eleusine coracana) and pearl millet (Pennisetum glaucum) to determine their nutritional and nutraceutical significance. Standard analytical parameters, including loss on drying (LOD), total ash, acid-insoluble ash, water-soluble ash, pH, and water-soluble extractive values were assessed following WHO and pharmacopoeial guidelines. Finger millet cultivars RAU-8 and Indaf-9 exhibited higher mineral content and extractive values, indicating superior nutraceutical potential. Pearl millet cultivars Pioneer 86M86 and ICMH-356 displayed the highest total ash and aqueous extractive yields, suggesting greater concentrations of polar phytochemicals. Comparative analysis revealed that finger millet excels in mineral richness, whereas pearl millet demonstrates higher extractive potential.