Dragon fruit (Hylocereus polyrhizus) and pomegranate (Punica granatum L.) are rich sources of betalains, anthocyanins, polyphenols, vitamins, and other bioactive compounds with well-established antioxidant and functional properties. Their high perishability and seasonal availability necessitate value-added processing approaches to reduce post-harvest losses while enhancing market potential. The present study aimed to develop and standardize a functional blended dragon fruit–pomegranate wine through controlled fermentation using Saccharomyces cerevisiae and to evaluate its fermentation kinetics, physicochemical characteristics, and sensory quality. A standardized formulation comprising equal proportions of dragon fruit and pomegranate pulp was fermented under controlled conditions for 90 days. Fermentation progress was monitored through changes in total soluble solids (TSS), titratable acidity, ethanol formation, and sensory attributes. The results demonstrated a continuous decline in TSS from 22.0 to 5.8 °Brix, indicating efficient utilization of fermentable sugars by yeast. Titratable acidity increased from 1.12% to 1.33%, reflecting progressive organic acid formation during fermentation. Ethanol production was confirmed qualitatively using the potassium dichromate oxidation method. Sensory evaluation by semi-trained panelists revealed that the blended wine achieved superior colour and appearance (7.8/9) and marginally higher overall acceptability (5.58/9) than dragon fruit wine, indicating improved consumer preference. The synergistic incorporation of pomegranate enhanced the physicochemical stability and sensory appeal of the beverage while retaining the functional attributes associated with both fruits. The findings demonstrate that blended dragon fruit–pomegranate wine represents a promising functional fermented beverage with considerable commercial potential for value addition and utilization of underexploited tropical fruits.