Açaí (Euterpe oleracea) seeds account for up to 95% of the fruit’s weight and are commonly discarded during pulp processing. Roasted açaí seed extract (RASE) has recently emerged as a caffeine-free coffee substitute, although its composition and functionality remain underexplored. This study characterized commercial açaí seed powder and evaluated the effect of temperature on the recovery of total phenolic content (TPC) in the aqueous extract using a Central Composite Rotatable Design (CCRD). An intermediate extraction condition (6.0 ± 0.5 g 100 mL⁻¹ at 100 °C) was selected, resulting in 21.78 mg GAE/g TPC, 36.23 mg QE/g total flavonoids, and notable antioxidant capacity (FRAP: 183.33 µmol TE/g; DPPH: 23.06 mg TE/g; ABTS: 51.63 mg TE/g; ORAC: 31.46 µmol TE/g). Proton Nuclear Magnetic Resonance (¹H NMR) analysis suggested the presence of amino acids, carbohydrates, and organic acids. During in vitro digestion, TPC decreased from 54.31 to 17.48 mg GAE 100 mL⁻¹ when RASE was combined with goat milk. However, higher bioaccessibility was observed with skimmed (33%) and semi-skimmed (35%) cow milk. These findings highlight RASE as a phenolic-rich, antioxidant beverage with functional stability when prepared with boiling water. This is the first study to report the phytochemical profile of RASE and its interactions with different milk types, supporting its potential as a coffee alternative.