This study was carried out to develop an optimum baking formula and baking process for a new bread raw material with added Cordyceps militaris powder, which has been known to prevent various adult diseases and cancers. The rheological properities of dough made from Cordyceps militaris powder-wheat flour with 0, 1, 2, and 3% Cordyceps militaris powder added-were investigated. A farinogram showed that the water absorption and weakness value of dough increased with added Cordyceps militaris powder, but development time and dough stability were decreased. An extensogram showed that resistance to extension was increased in bread with 1% Cordyceps militaris powder, but decreased in bread with 2% and, 3% powder. Extensibility decreased fermentation progressed. An amylogram showed that gelatinization point was increased but maximum viscosity was decreased with added Cordyceps militaris powder. With increased amounts of powder dough volume during fermentation was reduced. The change in pH values of dough after mixing, fermentation, and proofing decreased with increased amounts of added powder.