Study was conducted to process raw banana into flours using oven drying and lyophilization techniques. The chemical composition of both the flours was analyzed and the flour prepared by lyophilization was found superior to oven dried banana flour as it has higher crude protein (5.32%), crude fat (3.33%), energy (379 kcal), total ash (2.46%), calcium (44 mg/100 mg), phosphorus (115.60 mg/100 g), iron (2S.50 mg/100 g) and β-carotene (119.53 μg/100 g) content. It had low amount of moisture (4.33%) and fibre (2.5%) content as compared to oven dried banana flour. The cost of oven dried banana flour was calculated out to be Rs. 8.80 per 100 gm while the cost of lyophilized banana flour was calculated out to be Rs. 8.90 per 100 gm. These flour can be used for the formulation of nutritious weaning mixes and supplementary foods. This can also be used for preparation of various food items like puris, parathas, cakes, toffees etc.