After the drill, the B-1B Lancers, deployed from the Anderson Air Base in Guam, flew close to the tense and heavily militarised land border with the North before turning back, the Yonhap news agency reported.
The exercise aimed to "sternly respond to the series of North Korea's ballistic missile launches," the South's military said in a statement.
Four US and South Korean jet fighters joined the live fire drill, which was conducted at a range in Yeongwol County, some 80 kilometres (50 miles) south of the inter-Korean border, the military said.
The drill simulated the two US bombers destroying enemy ballistic missile batteries and South Korean jets mounting precision strikes against underground enemy command posts, it said.
"Through this drill, the South Korean and US air forces demonstrated strong determination to thoroughly punish the enemy for its provocative acts, and showed off their capability to pulverize enemy command posts," the statement said.
North Korea on Tuesday test-fired an intercontinental ballistic missile for the first time, an apparent game-changer in its confrontation with Washington over its nuclear and missile programmes.
The US Missile Defense Agency said Friday it would soon test an anti-ballistic missile system in Alaska, days after the North demonstrated its arsenal was capable of striking parts of Alaska with the ICBM test.
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