A high amount of waste is generated in tomato paste production. This waste contains tomato peel and seeds which are rich in food components such as carotenoids, phenolic compounds, mineral matters, dietary fibers, proteins, and fats. Therefore, it draws attention as a good enrichment material. In this study, biscuit production was carried out using tomato paste production waste powder (TPWP) at ratios of 0% (control), 6% (TPW6), 12% (TPW12), and 18% (TPW18). In the study, firstly, various chemical, physical, and sensory properties of the biscuit samples were determined. In biscuits, the amount of protein, fat, ash, total dietary fiber, insoluble dietary fiber, P, K, Ca, Mg, Mn, total phenolic, lycopene and beta-carotene contents, a* and b* color values, and antioxidant activity value increased significantly as the TPWP addition ratio increased (p < 0.05); carbohydrate ratio, energy value, and L* value decreased significantly (p < 0.05). In light of the results from sensory analysis, the samples produced by adding TPWP up to 12% had similar scores as the control sample in terms of color, odor, hardness, and chewiness parameters (p > 0.05). In addition, overall acceptability scores and taste decreased with the increase in the TPWP addition ratio. Finally, biscuit samples were examined in terms of functional (total dietary fiber, lycopene, beta-carotene, and antioxidant activity) and sensory properties (taste, color, chewiness) using the integrated AHP-TOPSIS method, and the optimum product formulation was determined as TPW12 according to these criteria. Total dietary fiber, total phenolic contents and antioxidant activity of TPW12 were found to be approximately 2.2-, 5.6- and 13.6- fold higher compared to the control sample, respectively. Additionally, lycopene and beta-carotene contents of TPW12 were 6.57 and 14.75 ppm, whereas no lycopene and beta-carotene were detected in the control sample. The results of the study revealed that TPWP could be an excellent source of dietary fiber, lycopene and beta-carotene for biscuits.