The growing demand for environmental sustainability and functional foods has driven the development of new products and food ingredients derived from alternative, cost-effective sources. This study aimed to evaluate the effects of partially replacing wheat flour with corncob flour (CF) at levels of 0% (control), 10%, 20%, 30%, 40%, and 50% on the physicochemical and technological properties of both the dough (pH, specific gravity, and texture) and the muffins (pH, specific volume, water activity, moisture, total titratable acidity, instrumental color, texture, and proximate composition). The high fiber content of CF significantly influenced (p < 0.05) the technological properties of the dough, increasing rigidity and reducing specific gravity. In the final product, CF incorporation decreased volume and resilience, while firmness, hardness, adhesiveness, and chewiness intensified. The formulation with a 10% CF replacement exhibited the most favorable characteristics, particularly in terms of dough apparent gravity (0.83 g/mL), specific volume (2.64 L/kg), and firmness (7.05 N). Therefore, the partial substitution of wheat flour with 10% CF appears to be a promising strategy from both technological and nutritional perspectives, mainly due to the increased dietary fiber content, while also contributing to cost reduction and the valorization of an agri-food co-product.