Neurospora crassa was used to ferment the bean dreg, and the fermentation was operated under the optimal conditions for protease production. The peptide, total phenol, total flavonoid and the antioxidant capacity of soybean dregs at different fermentation time were measured. Experiments results showed that the contents of peptide, total phenol and total flavone of soybean dregs increased with the progress of fermentation, as well as the antioxidant capacity. The maximum contents of total phenol (2.513±0.032) mg/g and total flavone (0.787±0.052) mg/g were detected at 60 h after fermentation; after fermentation for 84 h, the peptide reached (75.602±3.599) mg/g, and the total antioxidant capacity reached (31.651±0.191) μmol/g. Moreover, the superoxide anion radical scavenging rate was found to reach (35.537±1.408)%, and that of DPPH reached (70.131±0.552)%.