Consumers are more interested in replacing commonly used chemical preservatives with natural substances. The effect of 5, 10, 20, 40, and 80 mg of thyme and lemongrass essential oils (THY and LMG, respectively) per 100 g of wheat flour was studied from the viewpoints of dough rheology, dough leavening progress, and the results of laboratory baking trial. Changes in dough viscoelastic properties were evaluated by the Mixolab rheometer and the company software. The higher the thyme oil portion, the higher the dough structure destruction by kneading and heat input in torque point C2, and consecutively shorter stability of dough consistency (up to one-half of the values recorded for the control); reversely, the LMG did not affect both features verifiably. In the 90 min leavening test, a dough weight loss was decelerated by both essential oils similarly. During the baking test, the average volume of wheat small breads as control was evaluated on level 167 mL (bread yield 451 mL/100 g flour). Independently of the dose of the THY or LMG, small bread volumes oscillated between 148–168 and 135–161 mL (average bread yields 442 and 443 mL/100 g flour, respectively). The shelf life of the products with a higher portion of essential oil was extended by up to 7 days.