Enriching bakery products with highly nutritious ingredients, such as microalgae and insect powder, is a promising strategy for developing functional foods. This study aimed to evaluate the effects of spirulina, chlorella, and cricket powder on the quality of sponge cakes. The assessed parameters included color, nutritional value, mineral composition, antioxidant activity, predicted glycemic index (pGI), and sensory properties. The addition of microalgae significantly reduced the L* value and altered the color shade of the sponge cakes, while the insect powder caused milder color changes. The enriched samples contained higher levels of protein (by up to 14%) and minerals, including calcium, magnesium, iron, and zinc. Antioxidant activity was enhanced across all variations, particularly in sponge cakes with insect powder, which showed the highest TPC (47.96 mg GAE), DPPH· (0.107 mM TE), and ABTS·+ (0.208 mM TE) levels. Cakes containing spirulina exhibited the highest total flavonoid content (63.95 mg EPI). Additionally, the enriched samples demonstrated a statistically significant reduction in the pGI. Among all the supplemented samples, the sponge cake with cricket powder received the highest consumer acceptance. Overall, enriching sponge cakes with microalgae and cricket powder improved their nutritional value and antioxidant properties, with insect powder offering the best balance between sensory quality and functionality.