Six bread formulations with different levels of tilapia-waste flour (BTF0%, BTF2.5%, BTF5%, BTF10%, BTF15%, and BTF20%) were analyzed for nutritional composition and sensory characterization. Tilapia-waste flour (TF) increased (P < 0.05) the lipid, protein and ash contents, and decreased (P < 0.05) the levels of carbohydrates and total dietary fiber. BTF0%, BTF2.5% and BTF5% received the highest (P < 0.05) scores for acceptance and preference. Despite this apparent consumer preference for low or no levels, TF can be added to bread at levels below 12.17% (P < 0.05) without triggering consumer rejection. TF changed (P < 0.05) the sensory characterization of bread because of a disagreeable flavor, aroma, and texture; however, airy appearance, sticky in the teeth and cream color did not influence the overall liking. TF at 5% enhanced the nutritional value while maintaining acceptable sensory scores for bread, constituting a potential strategy to satisfy consumer and industry requirements.