This paper presents research findings on the pelleting process of pine sawdust using bakery waste in a pelletizer. The addition of bakery waste (white wheat–rye bread, whole-grain rye bread, and pumpkin bread) to pine sawdust had a beneficial effect on the kinetic strength of the pellets obtained, an increase of up to approximately three percentage points. The density of pellets with the addition of bakery waste also increased, while the bulk density of the pellets decreased. The addition of bakery waste also had a positive effect on the power demand of the pelletizer. It was reduced from 3.08% (at a 10% addition of white wheat–rye bread) to 22.18% (at a 20% addition of pumpkin bread), compared to the process of compacting pure pine sawdust. In addition, all the pellets containing bakery waste had a lower energy yield (EY) determined based on lower heating value and energy inputs. This index was lower by 53 Wh·kg−1 for pine sawdust pellets with a 10% addition of pumpkin bread. The greatest reduction, on the other hand, was by 173 Wh·kg−1 for pellets, with a 20% addition of white wheat–rye bread. In each case, an increase in the share of bakery additives resulted in a decrease in the energy yield from the pellets obtained. The smallest reduction in EY was found when pumpkin bread was used as an additive (from 53 to 133 Wh·kg−1). Considering all the parameters analyzed characterizing the pellets obtained, it was concluded that the addition of bakery residues to pelletized pine sawdust should not exceed 10%. Further increases in the proportion of bakery waste did not yield relative benefits, due to the deterioration of the energy characteristics of the pellets obtained.