Abstract: In order to improve the release of phenolic acid from defatted rice bran and improve the utilization of defatted rice bran, semi-solid fermentation of defatted rice bran with Rhizopus oryzae was used to modified the phenolic content, antioxidant and physicochemical properties of defatted rice bran during fermentation. The results showed that, the total phenolic contents of defatted rice bran increased by 47.3% after fermentation, and the total flavonoid contents increased by 48.96%. After 48 h of fermentation, the contents of alkyl resorcinol (ARs) in defatted rice bran increased significantly (p<0.05) with the increasing of fermentation time, the contents increased by 22.9% compared with the untreated group. DPPH free radical scavenging capacity increased significantly after fermentation, the antioxidant capacity increased by 8.4%, the water holding capacity after fermentation decreased by 18.3%, and the oil holding capacity increased by 46.6% (p<0.05). Therefore, semi-solid fermentation of defatted rice bran with Rhizopus oryzae could significantly improve the release of phenolic acid from defatted rice bran, improve oxidation resistance, and change functional properties.