A dough composition for making a high protein, low carbohydrate bread, the dough containing at least 5% vital wheat gluten, a hydrolyzed wheat protein having a degree of hydrolysis from about 0.5% to 50%, a moisture-managing agent, a fungal protease enzyme, a carbohydrate component consisting of digestible carbohydrate material and non-digestible carbohydrate material, and water. A milk protein or soy protein hydrocolloid can be used as the moisture-managing agent to improve the shelf life of the resulting bread. A dough conditioner is used to improve the machinability of the dough composition, especially at less intense mixing conditions. The invention also includes a process for making the dough composition using high shear mixing equipment. The invention includes also the bread made from the dough composition, and from the dough making process.