Wheat bran is the major by-product of wheat milling, as it is obtained in large amounts during cereal wheat, because of its limited appropriateness as a food ingredient, it is nowadays largely unexploited. This study was aimed to investigate the chemical composition, functional properties, and antioxidant activity of wheat bran fermented by lactic acid bacteria, and Saccharomyces cerevisiae as active dry yeast in the solid-state. Bioactive compounds (free, bound, and total phenolic acids), antioxidant activity, functional properties were evaluated. Likewise, water-extractable arabinoxylans and phytic acid degradation were determined in fermented and non-fermented wheat bran. After treatments, protein, fiber, ash, and fat contents in fermented bran were raised than non-fermented bran. Total, free phenolic content and antioxidant activity increased after solid-state fermentation. Phytic acid content decrement of 36.5% and water-extractable arabinoxylans increment four times were observed in fermented bran. As well as, protein solubility, water holding capacity, water-solubility, oil holding capacity of fermented wheat bran were improved. Thus, the solid-state fermentation is an efficient technique and can be applied to enhance the nutritional and functional properties of wheat bran, as well as utilized as ingredients in food applications.