Waxy wheat flour has unique physical and chemical properties because of its low amylose content. The physicochemical and nutritional properties of the flour made from the purple waxy wheat newly cultivated by Shandong Agricultural University were determined and compared to common wheat flour. The quality of steamed bread products was studied using a texture analyzer and sensory evaluation, and the best procedure to produce steamed bread products using the purple waxy wheat was developed. The results showed that the purple waxy wheat flour had higher content of fat, protein, ash, gliadin, glutenin, and albumin, and lower content of starch and globulin compared with common wheat flour. Purple waxy wheat flour possessed relatively low paste transparency, trough viscosity, final viscosity, and pasting temperature, and relatively high breakdown value, peak viscosity, and setback value. Addition of 15% purple waxy wheat flour could significantly improve the color of steamed bread skin, and have the most significant impact on the elasticity, adhesion, cohesiveness, and resilience of steamed bread. At the same time, the highest total score for steamed bread was reached.