Wheat germ (WG) and whey milk are important functional ingredients for cereal products. In this study, WG (0%, 5%, 10% and 15%) and commercial acid whey milk were used to replace wheat flour and water in pan bread formulation and their effects on the nutritional, physical and sensory properties of pan bread were investigated. WG replacement increased ash, protein, lipid, crude fiber, Ca, Fe, K, Mg and Zn contents of the pan bread. Replacement of water with (100%) whey milk caused a significant increase (p < 0.05) in the Ca, K, Mg and Zn contents of the pan bread. The combination of WG and whey milk at high replacement levels adversely affected the specific volume of the samples. WG increased the darkness and yellowness of the crust and crumb of pan bread. WG at 15 % alone or in combination with whey milk caused significantly decreased pore structure, taste, odour and overall acceptability score compared to control pan bread.