Extrusion technology allows the preparation of analog rice, an artificial product made of carbohydrate sources other than rice, with characteristics similar to natural rice. In this study, we aimed at determining the effect of composition and temperature on the nutritional content of analog rice obtained using heat extrusion technology. The physical properties and acceptability of the resulting product were also studied. Skim milk, sago, mung bean, and corn flour as well as the binder carboxymethyl cellulose (CMC) were used. The procedure was conducted in four stages: raw-material preparation, formulation, physicochemical evaluation, and sensory property evaluation. The best analog rice formula was established as 50% sago flour, 30% corn flour, 19.2% mung bean flour, 0.4% skim milk, and 0.4% CMC. The panelists’ most preferred rice analog formula was the one with the highest sago starch and skim milk content. The extrusion temperature did not significantly affect the nutrient content. However, it had a considerable impact on the thermal profile and physical properties, such as appearance and granular morphology.