This study was carried out to investigate the characterization and utilization of guava flavour concentrate produced from two guava cultivar using simple distillation technique for the flavor extraction. The physical properties of the flavor concentrate were determined and then utilized in the formulation of guava drinks with three different clouding agents (gum Arabic, garri aliquot and cheese-whey). The guava drink samples were also evaluated for different quality attributes which were analyzed using standard methods. Physical evaluation of the guava flavor concentrate showed that Improved cultivar guava yielded higher amount of flavor concentrate (22.40%) than the Local cultivar (18.20%) but similar detectable strong flavor. The visual colour of the two flavor concentrates was colorless. Guava flavor concentrate obtained from Improved and Local variety respectively had pH values of 6.23 and 5.45, density 1.00 and 0.98g/ml, specific gravity 1035 and 1025 and the same viscosity value 2710mPa-s. The pH values of the formulated guava dink samples ranged 5.18 to 5.57, density (1.00 to 1.03g/ml), specific gravity (1354 to 1359), viscosity (2710 to 2720mPa-s) and brix values (14.17 to 16.92%). The vitamin C content of the control sample (28.64mg/100ml) was higher than the amount of ascorbic acid used in the drink formulation (20mg/100ml). The sensory scores for the formulated guava drink samples ranged for colour (5.10 to 6.30), flavor (4.90 to 6.20), taste (4.90 to 6.20), mouth-feel (4.90 to 5.70) and consistency (5.40 to 6.10). There was no significant difference (p<0.05) between all the formulated guava drink samples and the control in terms of mouth-feel and consistency. Guava drink sample produced with flavor concentrate from Improved cultivar with gum Arabic as clouding agent was more preferred and acceptable in terms of sensory quality and attribute. Hence, extraction of flavor concentrate from guava and other tropical fruits to produce assorted beverages will enhance industrialization, reduce importation of flavor concentrates in the country and reduce the dependency on chemically synthetic flavors used by foods and beverage industries thereby reducing health risk and expanding assorted beverage production in Nigeria leading to increase Gross Domestic Product (GDP) of the economy.