Broussonetia papyrifera has a high lignocellulose content leading to poor palatability and low digestion rate of ruminants. Thus, dynamic profiles of fermentation lignocellulose characteristics, microbial community structure, potential function, and interspecific relationships of B. papyrifera mixing with wheat bran in different ratios: 100:0 (BP100), 90:10 (BP90), 80:20 (BP80), and 65:35 (BP65) were investigated on ensiling days 5, 15, 30, and 50. The results showed that adding bran increased the degradation rate of hemicellulose, neutral detergent fiber, and the activities of filter paper cellulase, endoglucanase, acid protease, and neutral protease, especially in the ratio of 65:35. Lactobacillus, Pediococcus, and Weissella genus bacteria were the dominant genera in silage fermentation, and Pediococcus and Weissella genus bacteria regulated the process of silage fermentation. Compared with monospecific B. papyrifera silage, adding bran significantly increased the abundance of Weissella sp., and improved bacterial fermentation potential in BP65 (p < 0.05). Distance-based redundancy analysis showed that lactic acid bacteria (LAB) were significantly positive correlated with most lignocellulose content and degrading enzymes activities, while Monascus sp. and Syncephalastrum sp. were opposite (p < 0.05). Co-occurrence network analysis indicated that there were significant differences in microbial networks among different mixing ratios of B. papyrifera silage prepared with bran. There was a more complex, highly diverse and less competitive co-occurrence network in BP65, which was helpful to silage fermentation. In conclusion, B. papyrifera ensiled with bran improved the microbial community structure and the interspecific relationship and reduced the content of lignocellulose.