Bamboo shoot boiled liquid (BSBL), a processing byproduct containing soluble proteins, peptides, amino acids, carbohydrates, and phenolics, is typically discarded, causing resource waste and environmental issues. This study analyzed metabolic changes in BSBL during Pediococcus pentosaceus B49 fermentation. The result of partial least squares discriminant analysis (PLS-DA) revealed significant metabolite profile differences across fermentation times (0 h, 24 h, 48 h, 72 h, 96 h). The most substantial alterations occurred within the first 24 h, followed by stabilization. Compared to unfermented BSBL, fermented samples exhibited significantly elevated signal intensities for 5,7-dimethoxyflavone, cinnamic acid, 3,4-dihydro-2H-1-benzopyran-2-one, 6,8-dimethyl-4-hydroxycoumarin, and 2-hydroxycinnamic acid (p < 0.05), showing upward trends over time. Conversely, (+)-gallocatechin intensity decreased gradually. Bitter peptides, such as alanylisoleucine, isoleucylisoleucine, leucylvaline, and phenylalanylisoleucine, in BSBL exhibited a significant reduction following fermentation with P. pentosaceus B49 (p < 0.05). KEGG enrichment indicated tyrosine metabolism (ko00350) and arginine/proline metabolism (ko00330) as the most impacted pathways. These findings elucidate metabolic regulation in BSBL fermentation, supporting development of functional fermented bamboo products.