This review reports on the effects of fermentation on the chemical constituents and antioxidant activity of plant-based food materials. Fermentation involves a series of reactions that modify the chemical components of the substrate. It could be considered a tool to increase the bioactive compounds and functional properties of food plant materials. Oxidative damage is key to the progression of many human diseases, and the production of antioxidant compounds by fermentation will be helpful to reduce the risk of these diseases. Fermentation also can improve antioxidant activity given its association with increased phytochemicals, antioxidant polysaccharides, and antioxidant peptides produced by microbial hydrolysis or biotransformation. Additionally, fermentation can encourage the breakdown of plant cell walls, which helps to liberate or produce various antioxidant compounds. Overall, results indicated that fermentation in many cases contributed to enhancing antioxidants’ content and antioxidant capacity, supporting the fermentation use in the production of value-added functional food. This review provides an overview of the factors that impact the effects of fermentation on bioactive compound composition and antioxidant activity. The impacts of fermentation are summarized as a reference to its effects on food plant material.