The education select committee said the government had failed to conduct a proper consultation and should have waited until after the conclusion of the curriculum review before introducing the target.
Committee members also warned that schools would focus on pupils who were on the cusp of achieving the standard rather than those who are underachieving or excelling.
Chairman of the committee Graham Stuart said: "We want the government to deliver on its promise to use performance tables to put greater emphasis on the progress of every child.
"We don’t think we are there yet and feel that, for now, the EBac is not part of a balanced score card. Instead it risks focusing schools on those children who are on the borderline of achieving the EBac at the expense of others both below and above that threshold."
While the report recognises that the Russell Group universities value certain academic subjects over others, it said focusing on a "fairly narrow range of subjects" could have negative consequences on the uptake of other subjects.
The report also calls for the government to provide further international evidence between the study of certain academic subjects and improved attainment for poorer students.
"Of course all children should have access to a broad and balanced curriculum, including traditional, academic subjects, and of course we should be working tirelessly to narrow the gap in attainment between the richest and poorest," Stuart added. "But our inquiry uncovered significant concerns about the EBac’s composition, potentially negative as well as positive impact, and the way it was introduced."
In response to the report, shadow education secretary Andy Burnham said the government should launch a review of the standard.
"This damning verdict leaves the Secretary of State and his ministers isolated," he said. "They cannot continue to ignore the weight of professional and parliamentary opinion. Mr Gove urgently needs to remember his responsibility to all children and his promises to trust teachers. He should listen to the chorus of criticism and set up a proper review of his English Baccalaureate."
