The peel and core discarded from the processing of MD2 pineapple have the potential to be valorized. This study evaluated the functional and volatile compounds in the extracts of MD pineapple peel and core (MD2-PPC). The total soluble solids, pH, titratable acidity, sweetness index, and astringency index were 9.34 °Brix, 4.00, 0.74%, 12.84, and 0.08, respectively, for the peel and 12.00 °Brix, 3.96, 0.32%, 37.66, and 0.03, respectively, for the core. The fat and protein contents of the peel and core were found to be significantly different (p< 0.05). The total phenolic (TPC) and flavonoid contents (TFC) were significantly higher in the peel. The peel also showed better antioxidant activity, with a half-maximal inhibitory concentration (IC50) of 0.63 mg/mL for DPPH free radical activity compared with the core. The TPC of different phenolic fractions from peel extract was highest in the glycosylated fraction, followed by the esterified, insoluble-bound, and free phenolic fractions. GC–MS analysis identified 38 compounds in the peel and 23 in the core. The primary volatile compounds were 2-furan carboxaldehyde, 5-(hydroxymethyl), and 2,3-dihydro-3,5-dihydroxy-6-methyl-4H-pyran-4-one (DDMP). The identification of phenolics and volatile compounds provides important insights into the valorization of (MD2-PPC) waste.