Wilted (around 35% DM) or un-wilted (around 35% DM) Italian ryegrass treated with three additives (formic acid, FA; Lactobacillus plantarum, LP; Lactobacillus buchneri, LB) was utilized to evaluate the effects of the dry matter (DM) contents on the microbial community and fermentation characteristics, which was ensiled for 60 days in a laboratory-scale silo, followed by 3 days of aerobic exposure. Significantly lower pH and higher lactic acid (LA) contents were observed in the LP-treated group ensiled at both DM contents (differences were significant when p < 0.05). The contents of LA, acetic acid (AA), numbers of lactic acid bacteria (LAB) and ammonia nitrogen (NH3-N) in the FA-treated group were significantly lower than those in other treatments (p < 0.05). L. buchneri was the dominant bacteria after 60 days fermentation, while Enterobacteria became prevalent after 3 days of aerobic exposure. L. buchneri was found in the LB-treated group with higher acetic acid. Although the best fermentation quality was observed in the LP-treated silages, the aerobic stability was lowest compared to other groups (p < 0.05). In conclusion, our findings suggest that the DM content of Italian ryegrass affected its epiphytic microbial community and the effectiveness of the different type of additives. Formic acid was more suitable for un-wilted Italian ryegrass silage, L. plantarum had a better effect in wilted Italian ryegrass silage, and L. buchneri prolonged the aerobic stability of Italian ryegrass. DM content and purpose of ensiling should be the key factors for choosing different types of additives for Italian ryegrass silage.