The water extract of rice bran meal was fermented by Lactobacillus plantarum in order to study the changes in the content of rice bran polysaccharides, monosaccharide composition and antioxidant ability of the water extract before and after fermentation. The results showed that after fermentation for 72 h, the content of rice bran polysaccharides were decreased by 25.74% and the percent of the glucose in polysaccharides was decreased significantly; the clearance rate of free radical, such as DPPH· and ·OH, can reach 73.26% with 2 mg/mL rice bran polysaccharide and 100% with 1 mg/mL rice bran polysaccharide, respectively; EC50 values were decreased by 46.55% and 21.05% respectively; antioxidant ability was significantly increased. Besides, water extract of rice bran meal was fermented by Lactobacillus plantarum to produce a kind of beverage. The optimum craft parameters of the beverage were: fermentation temperature 37 ℃, fermentation time 72 h, after-ripening temperature 4 ℃, after-ripening time 48 h, white granulated sugar 9%, citric acid 0.02%, CMC-Na 0.037 5%, and xanthan gum 0.037 5%. This product provides a novel approach for development and utilization of rice bran meal.