The purpose of this study was to investigate nutritional and functional ingredients and antioxidant activity after fermenting rice bran using Lactobacillus brevis for 24, 36, and 48 hours. The results of the analysis of the nutritional ingredients revealed that there was no significant difference in the carbohydrate, crude protein, crude fat and ash content regardless of the fermentation process and fermentation time. The amount of dietary fiber was significantly different between the unfermented and fermented rice bran and was observed to be the highest after a 48-hour fermentation. The -oryzanol, gamma-aminobutyric acid (GABA) and total phenolic contents were significantly higher in the fermented rice bran compared to the unfermented rice bran (p<0.05) and the GABA and total phenolic contents increased significantly as the fermentation time increased (p<0.05). The 2,2-diphenyl-1-picrylhydrazyl (DPPH), 2,2'-azino-bis-3-ethylbenzothiazoline-6- sulfonic acid (ABTS), superoxide and hydroxyl radical scavenging activities used to measure antioxidant effects significantly increased as the fermentation time increased (p<0.05). From these results, it was confirmed that the antioxidant effect and functional components, namely -oryzanol, GABA, and the total phenolic content of rice bran improved with fermentation. Based on these results, fermented rice bran could be presented as a functional material for use in high value-added industries.