Rice bran (RB) and wheat bran (WB) fermented with L. plantarum 423 had enhanced odor intensity, especially for sulfides and aromatics. The hydroxyl radical-scavenging activity (73.28 ± 3.18%) and oxygen radical-scavenging activity (2.12 ± 0.08 mmol·TE/g) of RB fermentation broth were better than those of WB fermentation broth. Even at 2 μg/ml, the purified antioxidant fractions from the WB fermentation broth showed strong intracellular ROS-scavenging activity in human umbilical vein endothelial cells (HUVECs), and the purified antioxidant fractions (200 μg/ml) from the RB fermentation broth had a good antiaging effect. The dominant antioxidant components in the RB and WB fermentation broths were acids (70.21%) and ketones (10.64%), these components jointly give the RB and WB fermentation broths a variety of antioxidant properties. These results are beneficial for developing RB and WB deep-processing technology and laid the foundation for the preparation of antioxidant fractions with L. plantarum 423.