This research aimed to assess the influence of drying temperature (50, 60 and 70 °C), honey/oat flour ratio (60:40, 50:50 and 40:60) and cocoa contents (5, 6.25 and 7.5 g/100 g) on the physical (color, moisture content, bulk density, flowability (Hausner ratio, Carr index), dispersibility, solubility, and particle size), chemical (total dissolved solids, conductivity, pH, amount of sugar, color, total polyphenolic content, and antioxidant activity), and sensory properties (powder appearance, color, odor; and beverage appearance, color, odor, sweetness, bitterness, taste, texture) of a newly developed cocoa powder mixture in which honey was used as a sweetener and oat flour as a filler. Also, a further aim of this study was to optimize the composition of the mixture based on chemical, physical and sensory properties. Based on the optimization results, the highest total polyphenolic content and antioxidant activity were achieved at 70 °C with a honey/oat ratio of 50% and a cocoa content of 7.5 g. Drying temperature has a significant effect on powder odor and beverage odor, as well as on beverage bitterness, while the honey/oat flour ratio has a significant effect on color, with primarily values L* and a*. The cocoa contents mostly affect total polyphenolic content and antioxidant activity.