Changes in nutritional and quality characteristics of bread with lupin flour (LF; 0%–20% w/w), yeast extract (YE; 0%–2% w/w), and guar gum (GG; 0%–0.2% w/w) were studied. The rheological behavior of doughs and the physical and chemical properties of bread were analyzed. The addition of lupin flour increased protein content, water absorption, and pH of the dough. However, high levels of lupin flour caused a reduction in specific volume; with a 20% substitution (w/w), a reduction of 8.33% was observed. Also, the addition of 0.15% guar gum (w/w) increased the specific volume. Acceptability testing identified that high levels of YE reduced satisfaction in appearance, flavor, and overall liking due to the browning of the bread and residual taste. Based on these results, it is possible to produce loaf bread with high protein content, acceptable sensory parameters, and desirable physical and chemical characteristics. Practical applications: Our research on the use of Lupinus mutabilis sweet on bread formulations has multiple practical applications. The higher protein content of lupin flour compared to wheat flour opens the possibility of creating bread recipes with higher nutritional value while maintaining other desirable characteristics. Our research also highlights the impact of flour high in dietary fiber such as lupin in the rheological properties of bread through the use of Mixolab. Future researchers and product developers can use our models as guidelines to better estimate the impact of lupin flour in their bread recipes. Finally, our study also provides methods that can be adapted to study the rheological properties of lupin in other food products such as pasta, cookies, biscuits, and other baked goods.