Higher moisture content in wheat benefits processing but impairs storage stability. Current research on quality changes in high-moisture wheat under varying storage temperatures remains limited. This study systematically evaluated wheat with 14% moisture content stored at 15 °C, 20 °C, 25 °C, and 30 °C over 180 d, assessing quality parameters, mycotoxin levels, and fungal community composition. Results indicated that wheat stored at 15 °C and 20 °C maintained stable storage and processing quality. Meanwhile, the concentrations of aflatoxin B₁, deoxynivalenol, and zearalenone in wheat across all storage temperatures remained below their respective regulatory limits of 5.00 μg/kg, 1.00 mg/kg, and 60.00 μg/kg. No visible mold appeared in wheat stored at 15 °C, 20 °C, or 25 °C for 180 d, whereas initial mold characteristics emerged at 30 °C. Fungal community analysis revealed that at 15 °C and 20 °C, the dominant genus shifted from Bipolaris to Cladosporium, while at 25 °C and 30 °C, it rapidly transitioned to Aspergillus. Although fungal richness showed no significant differences, diversity indices varied notably across storage temperatures. These findings provide a theoretical basis for the safe storage of high-moisture wheat.