The aim of this work was to develop and characterize dairy beverage with the addition of apple pomace flour and encapsulated cinnamon hydrolate. Five formulations were prepared with different concentrations of apple pomace flour (0, 1 and 3%) and cinnamon hydrolate encapsulated in whey (0, 0.5 and 1%). The physicochemical, antioxidant, microbiological, sensory and rheological properties were evaluated. The ingredients added to dairy beverages did not affect moisture, ash, protein and lipid contents. The formulation containing apple pomace flour (3%) and cinnamon hydrolate (1%) showed higher fiber content (1.10%), phenolic compounds (23.61 mg EAG/100 g) and antioxidant activity (2. 43 µmol Trolox/100 mL). There was no change in the luminosity (L*) of the samples when compared to the control, and the values ranged from 63.78 to 67.78. The results of the attributes in the acceptance test ranged from 6 (liked slightly) to 8 (liked regularly). All formulations showed non-Newtonian and pseudoplastic behavior, and apple pomace flour contributed to the increase in apparent viscosity. Therefore, the use of by-products, such as apple pomace and cinnamon hydrolate are interesting components to provide nutritional enrichment of dairy beverages.