Mealworms (Tenebrio molitor) are protein-rich edible insects that have been regarded as novel food ingredients. In this study, high-gluten wheat flour was formulated with dried mealworm powder at various levels (0%, 5%, 10%, 15%, and 20%) to study its influence on the pasting, farinograph, and extensograph properties and microstructure of the dough. A subsequent decrease in the pasting parameters was observed due to starch dilution. The water absorption, dough development time, and dough stability time decreased gradually from 71.9% to 68.67%, 13.6 min to 10.43 min, and 14.1 min to 5.33 min, respectively, with the increase in the substitution of mealworm powder from 0% to 20%. The farinograph characteristics corresponded to a weak gluten network formed through the dilution of gluten by the replacement of wheat flour with a non-gluten ingredient. The stretch ratio of the high-gluten dough increased gradually from 4.37 (M0) to 6.33 (M15). The increased stretching resistance and extensibility of the dough with 5% and 10% mealworm powder indicated that mealworm powder can act as a plasticizer in the gluten network, which might contribute to the decreased strength and increased elasticity and flexibility of the dough network. The bread made with three different baking methods showed similar increases in specific volume and decreased hardness up to the 10% substitution level, owing to the increased elasticity and flexibility of the dough. The GB/T 35869-2018 Rapid-baking method, GB/T 14611-2008 Straight dough method, and automatic bread maker method exhibited the highest specific volumes of 3.70 mL/g, 3.79 mL/g, and 4.14 mL/g when the wheat flour was substituted with 10% mealworm powder. However, 15% and 20% mealworm powder substitution markedly reduced the bread quality owing to the dilution effect and mealworm powder phase separation. These results provide a perspective on the relationship between the rheological properties of mealworm powder-substituted high-gluten dough and application suggestions for insect food development in the food industry.