For the first time, wheat bran was fermented with Eurotium cristatum (E. cristatum), and alterations in the structural and functional characteristics were explored. The results showed that the soluble dietary fibre (SDF) content significantly increased in fermented bran, and the water and oil holding capacities improved. The total polyphenols, anthocyanin, and main flavour substance phenylethyl alcohol were significantly increased by E. cristatum fermentation. The ferulic acid content was approximately 12.06 times higher in fermented bran than in unfermented bran. These changes may be due to the release of hydrolytic enzymes during E. cristatum fermentation. E. cristatum fermentation enhanced the antioxidant and anti-obesity activities of bran. Furthermore, this study showing that E. cristatum fermentation produced β-hydroxy acid metabolites of monacolin K (MKA) in wheat bran. Thus, this research suggests that E. cristatum can be a starter culture to produce functional foods.