Water kefir is a non-dairy fermented water drink which includes lactic acid bacteria, acetic acid bacteria and yeasts which provide probiotic as well as antioxidant properties. Prunus armeniaca (apricot) is a promising raw material to develop a functional beverage because it is rich in carotenoids, vitamins, and phenolics. Coconut water is a natural hydrating substance and plant-based substrate. The aim of this study was to prepare and characterize apricot-coconut water kefir beverage, (ACWB) a fermented beverage having 20 g (w/v) dried apricot, 8 g (w/v) brown sugar, and 8 g (w/v) water kefir grains fermented together in 100 mL coconut water and compare its physicochemical, microbial, and antioxidant properties with a control sample excluded with dried apricot but having same concentration of rest of the ingredients. After fermentation, total soluble solids (TSS), pH, titratable acidity (TA), water activity (aw), total bacterial count (TBC), DPPH radical-scavenging activity, and total phenolic contents (TPC) were measured. ACWB exhibited significantly higher values (p < 0.05) in terms of TSS (10.07 ± 0.01 °Brix), TA (0.298 ± 0.01%), and TBC (1.92 × 107 CFU/mL), with lower pH (3.98 ± 0.07) and aw (0.94 ± 0.02) compared to the control. Enhanced antioxidant activity (DPPH = 62.7 ± 0.86%) and TPC (19.92 ± 0.32 mg CE/100 mL) confirmed its superior bioactive potential. Sensory evaluation of ACWB also found it to be more preferred, with statistically significant difference in majority of the tested attributes. The apricot supplement enhanced the fermentation activity, microbial growth, as well as the antioxidant capacity of the end product, creating a stable, tangy, and nutritionally enriched non-dairy functional beverage that could be consumed by healthy and lactose intolerant consumers.