Lactic acid bacteria effectively utilize the nutrients and active compounds in plant-based materials via their powerful metabolic pathways and enzyme systems, achieving a combination of nutrition, functionality, and deliciousness. Currently, the majority of review articles predominantly concentrate on summarizing the fermentation of fruits and vegetables by lactic acid bacteria, devoting comparatively less attention to researching other plant species varieties and plant-based by-products. Furthermore, the summary of the research on the active substances and functional properties lacks sufficient depth. This review provides a comprehensive overview of the status of and technological progress in lactic acid bacteria fermentation of various plant species and plant-based by-products, and the effects of lactic acid bacteria on the active substances and functional properties are emphasized. In addition, this review emphasizes that active substances give products more functionality. The aim of this review is to emphasize the significant contribution of lactic acid bacteria to the active substances and functional properties of plant-based products, which will assist researchers in better comprehending the application value of lactic acid bacteria in the plant-based domain and direct attention towards the interaction mechanisms between active substances and product functionality. Concurrently, this review provides a certain theoretical foundation and reference for the application of fermented functional products in promoting health and preventing diseases.