Addressing malnutrition among women is an urgent public health concern in many developing countries, including India. Yet, a few studies have addressed the burden of malnutrition that is contributed by multiple forms of malnutrition. Based on information from the National Family Health Survey’s fifth round (NFHS, 2019–21), this study evaluates the variability and risk factors for underweight and overweight/obesity in Indian women between the ages of 15 and 49 years. The NFHS is a cross-sectional survey conducted using a two-stage stratified sample technique. Further, the concentration index across household social and economic status is calculated to quantify the inequality in the prevalence of malnutrition. Moreover, to comprehend the economic disparity across different socio-economic groups, a rich-poor rate ratio (RPRR) in the prevalence of malnutrition was computed for both undernutrition and overnutrition. Furthermore, to explore the contributing factors to undernutrition and overnutrition in Indian women, the multinomial logistic regression model has been employed with the bivariate analysis. Results show that nearly 18% of women are underweight, but more than 24% of women are either overweight or obese. Moreover, the prevalence of underweight is highest in the lower age group women, whereas the highest prevalence of overweight is found in the older age group women. Additionally, the rich-poor rates ratio (RPRR) for underweight is 0.50, which indicates that the prevalence of underweight among rich group women is half the prevalence among poor group women. On the contrary, the rich-poor rates ratio (RPRR) for overweight is 2.6, indicating a higher concentration of overweight among rich group women. The research shows that the nutrition status of women is influenced significantly by their socio-economic and demographic characteristics.