Papaya is among the currently most important tropical fruits grown in Brazil and in the world. The fruit is mainly consumed fresh although it offers many industrial products. The processing of this fruit, as well as its fresh consumption, results in large amounts of waste, such as peels and seeds. Papaya consumption is one of the causes of significant loss of food value; therefore, new aspects on the use of its waste as by-products, or in the production of food additives, or even the incorporation of its flour in food have aroused great interest because these are products of high nutritional value, and their use may be economically viable. The objective of this study was to produce and characterize peel and seed flours from two papaya cultivars (Havai and Calimosa) for their chemical constituents focusing on possible use in foods. The proximate and mineral composition, titratable acidity, soluble solids, pH, contents of vitamin C, and phenolic compounds were determined. According to the results obtained, the papaya peel and seed flours had high contents of protein and fiber and therefore can be used as alternative sources of nutrients and can also be added in foods avoiding waste and adding value to the fruit.