A processor implemented method of evaluating at least one potential tastant from a plurality of tastants is provided. The processor implemented method includes at least one of: receiving, information associated with a plurality of molecular activities; generating, a plurality of data-based models based on the known taste index associated with at least one tastant and information from associated molecular structure/descriptors; classifying, a new molecule based on the generated data-based models for the at least one tastant; screening, the one or more classified new molecules in an applicability domain of the generated data-based models based on the physics-based models by at least one molecular modeling technique; and evaluating, the at least one potential tastant from the screened molecules based on at least one of a bioavailability and a toxicity. In an embodiment, the plurality of molecular activities corresponds to a taste index and a binding energy.