The problem of food with functional ingredients, characterized by low energy intake and a variety of phytonutrients with biological activity, is one of the concerns of the population. The objectives of this study were to investigate the effect of pumpkin powder and its bioactive components on the quality, color and textural properties of shortbread cookies. In the drying process of pumpkin powder (Cucurbita moschata) at 60 ± 2 °C, the physicochemical parameters did not change significantly in relation to fresh pulp. The chromatic parameters L*, a* and b* showed that the pumpkin powder was brighter than the pulp, with a greater presence of yellow pigments. Pumpkin powder presented a rich source of bioactive compounds (polyphenols flavonoids, carotenoids) with an antioxidant potential of 161.52 mmol TE/100 g DW and 558.71 mg GAE/100 g DW. Antimicrobial activity against Gram-positive (Staphylococcus aureus, Bacillus cereus), Gram-negative (Escherichia coli, Salmonella Abony and Pseudomonas aeruginosa) bacteria and high antifungal activity against Candida albicans were attested. The sensory, physicochemical, texture parameters and color indicators of shortbread cookies with yellow pumpkin powder (YPP) added in a proportion of 5–20% were analyzed. The optimal score was given to the sample of 15% YPP. The use of 15–20% YPP contributed to improved consistency due to the formation of complexes between starch and protein.