Spent coffee grounds are a byproduct with a large production all over the world. The aim of this study was to explore the effects of a simulated digestion-fermentation treatment on hydrolyzed spent coffee grounds (HSCG) and to investigate the antioxidant properties of the digestion and fermentation products in the human hepatocellular carcinoma HepG2 cell line. The potentially bioaccessible (soluble) fractions exhibited high chemoprotective activity in HepG2 cells against oxidative stress. Structural analysis of both the indigestible (insoluble) and soluble material revealed partial hydrolysis and release of the lignin components in the potentially bioaccessible fraction following simulated digestion-fermentation. A high prebiotic activity as determined from the increase in Lactobacillus spp. and Bifidobacterium spp. and the production of short-chain fatty acids (SCFAs) following microbial fermentation of HSCG was also observed. These results pave the way toward the use of HSCG as a food supplement.