This study compared the concentration of angiotensin-converting enzyme (ACE) inhibitory peptides at different stages of the bread-making process, including kneading, proofing, and final products. Steamed bread, baked bread, and soda crackers were produced with 3–20% addition of rye malt sourdoughs to assess products differing in their thermal treatment. Eight tripeptides with known or predicted ACE-inhibitory activity were quantified by LC/MS in multiple reaction monitoring (MRM) mode. In wheat sourdough and rye-malt gluten sourdough, IPP was the predominant tripeptide at 58 and 473 μmol kg −1 , respectively, followed by LQP, IQP, and LPP. During the bread-making process, peptide concentrations were modified by enzymatic conversions at the dough stage and by thermal reactions during baking. The concentrations of IPP, LPP and VPP remained stable during dough preparation but decreased during thermal treatment; the concentrations of other peptides were changed at the dough stage but remained relatively stable during baking. The cumulative concentration of 8 ACE-inhibitory peptides in steamed bread and bread crumb exceeded 60 μmol kg −1 , while soda crackers contained less than 3 μmol kg −1 . The peptide levels in bread thus likely meet in vivo active concentrations.