Kodo and little millet (Kutki) have a variety of phytochemical constituents including derivatives of hydroxybenzoic acid and hydroxycinnamic acids, myricetin, catechin, luteolin, apigenin, daidzein, naringenin, kaempferol, and quercetin with vast health benefits and thus can be utilized as functional food ingredients. Millet‐based foods and their food products have physiological and health‐promoting impacts, notably antidiabetic, anti‐obesity, and cardiovascular disease, and based on the actions of phytochemicals, it plays a major role in the body’s immune system. However, antinutrients (tannins, oxalate, trypsin inhibitor, and phytates) present in these millets restrict their utilization since these factors bind the essential nutrients and make them unavailable. Therefore, this review suggested overcoming the effects of antinutrients in these millets, thereby opening up important applications in food industries that may promote the development of novel functional foods. Various methods were discussed to eliminate the antinutrient factors in these millets, and hence, the review holds immense significance to the food industry for effectively utilizing these millets to develop value‐added RTE/RTC products/functional food/beverages.