The effects of the storage process on the quality characteristics of a hemp‐enriched “tsoureki” (a rich‐dough baked Greek product, rich‐dough baked product [RDBP]) were investigated. The wheat flour was substituted with defatted hemp flour at selected ratios (0%–50% hemp:wheat flour). The baked products were stored at 25°C and at specific time intervals (0, 1, 4, 7, 10, and 14 days), and their properties were determined, including moisture content, water activity, structure, texture, color, total phenolic content (TPC), and antioxidant activity. Moreover, analyses of phenolic compounds were performed using quadrupole time of flight liquid chromatography–mass spectroscopy, identifying 14 compounds. Both the first‐order kinetic model and modified Avrami equation, including the hemp‐to‐wheat ratio effect in the rate constant, well described the changes in the quality characteristics. The results showed that storage time and hemp incorporation significantly affected the quality of the product. Water activity decreased from 0.901 to 0.859, whereas moisture content decreased from 30.52%–32.33% (0 days) to 26.97%–27.02% w.b. (14 days) with storage time for all hemp additions. Hardness was greatly affected by hemp flour addition and approached 14.72 and 17.85 N after 14 days of storage for 30% and 50% substitutions, respectively. Springiness and cohesiveness decreased with hemp addition and storage time. The color difference of the hemp‐enriched products compared to the control sample increased during storage. TPC increased due to the addition of hemp flour, whereas 14 compounds were identified. Based on property correlation, the hemp‐enriched RDBP‐tsoureki held its high‐quality characteristics for 7 days of storage and contained a significant amount of bioactive compounds.Practical ApplicationIndustrially produced, defatted hemp is a promising byproduct that can be used to nutritionally enhance baked goods. Modeling results can be used for the prediction of the properties that define product storage ability and also that the hemp‐enriched, rich dough‐baked Greek “tsoureki” could be produced while maintaining total phenolic content and antioxidant activity during 7 days of storage. These findings are expected to be used in the future in baked goods industry applications to produce goods with an improved nutritional profile.