Wheat bread supplemented with mushroom powder from three different species of mushrooms was investigated in terms of starch characteristics (content, gelatinisation, and digestibility) and antioxidant capacities. The decrease in total starch contents, and increase in phenolic contents of the breads, were associated with increased mushroom powder contents. Mushroom inclusion reduced the rate of reducing sugar released over 120 min in an in vitro digestion compared to the control sample, implying a lower area under the curve (AUC) value with the inclusion of mushroom powder and a potentially lower predicted glycaemic response of the bread. Mushroom powder incorporation also enhanced the DPPH radical scavenging assay and oxygen radical absorbance capacity (ORAC) compared to control bread. The action of the addition of different mushroom powders on the bread crust and crumb microstructure properties was also studied. Mushroom powder altered the internal microstructure of the bread crust and crumb by affecting the interactions between starch and the other components of the bread. Overall, this shows that mushroom powder could be added to bread to deliver health benefits to consumers.