Colored wheat, rich in anthocyanins, has created interest among the breeders and baking industry. This study was aimed at understanding the nutritional and product making potential of our advanced, high yielding and regionally adapted colored wheat lines. Our results indicated that our advanced colored wheat lines exhibited higher anthocyanin content and antioxidant activity than donor wheat lines and it varied in the order of white<purple<blue<black wheat. UPLC chromatogram revealed that anthocyanin composition and peak pattern is not only dependent on donor genotype but also background of recipient genotype. Interestingly, the purple wheat extract showed highest anti-inflammatory effect and followed the trend of white<blue<black<purple. Nutritional (carbohydrates, sugar, protein, ash, dietary fibre and vitamins) and processing parameters in relation to end-use quality (SDS sedimentation, gluten content, alveograph) of advanced colored lines were similar to high yielding white wheat cultivar. Colored wheat lines showed high iron and zinc content compared to white wheat indicating double bio-fortification. Therefore, our advanced colored wheat lines with high anthocyanin, iron and zinc contents showed antioxidant and anti-inflammatory activity and possessed desirable features for product making and commercial utilization.