Very old question, but just had to build this for an app today and found the settings shown in other answers do not result in a clean image (possibly as new options were added in later .Net versions).
Assuming you want the text in the centre of the bitmap, you can do this:
// Load the original image
Bitmap bmp = new Bitmap("filename.bmp");
// Create a rectangle for the entire bitmap
RectangleF rectf = new RectangleF(0, 0, bmp.Width, bmp.Height);
// Create graphic object that will draw onto the bitmap
Graphics g = Graphics.FromImage(bmp);
// ------------------------------------------
// Ensure the best possible quality rendering
// ------------------------------------------
// The smoothing mode specifies whether lines, curves, and the edges of filled areas use smoothing (also called antialiasing).
// One exception is that path gradient brushes do not obey the smoothing mode.
// Areas filled using a PathGradientBrush are rendered the same way (aliased) regardless of the SmoothingMode property.
g.SmoothingMode = SmoothingMode.AntiAlias;
// The interpolation mode determines how intermediate values between two endpoints are calculated.
g.InterpolationMode = InterpolationMode.HighQualityBicubic;
// Use this property to specify either higher quality, slower rendering, or lower quality, faster rendering of the contents of this Graphics object.
g.PixelOffsetMode = PixelOffsetMode.HighQuality;
// This one is important
g.TextRenderingHint = TextRenderingHint.AntiAliasGridFit;
// Create string formatting options (used for alignment)
StringFormat format = new StringFormat()
{
Alignment = StringAlignment.Center,
LineAlignment = StringAlignment.Center
};
// Draw the text onto the image
g.DrawString("yourText", new Font("Tahoma",8), Brushes.Black, rectf, format);
// Flush all graphics changes to the bitmap
g.Flush();
// Now save or use the bitmap
image.Image = bmp;
References