The potential of Calendula officinalis water extract against fungi Aspergillus niger and Penicillium sp. and the effect of extract addition on the quality of wheat bread were investigated. In vitro, the extract reduced the mycelial growth and biomass production of A. niger, but there was no inhibitory effect on Penicillium sp. Enriched bread showed significantly higher total phenolic content, by about 77% and 95% in the bread, in which 10% and 15% of the water was replaced with extract, respectively. The antioxidant potential against DPPH• was significantly higher (compared to the control) in both variants used in the experiment, and the level of antioxidant activity increased with the addition of extract. The enriched bread had good quality characteristics—lower baking losses and higher volume than the control. The moisture content and acidity of the crumb of the extract-enriched bread were also higher. The extract additive used did not affect the sensory properties of the bread.