Three medicinal fungi were used to carry out solid-state fermentation (SSF) of wheat bran. The results showed that the use of these fungi for SSF significantly improved wheat bran’s nutritional properties including the extraction yield of soluble dietary fiber (SDF), total phenolic content (TPC), total flavonoid content (TFC), physical properties containing swelling capacity (SC) and oil absorption capacity (OAC), as well as antioxidant activities. Electronic nose and GC–MS analyses showed that fermented wheat bran had different volatiles profiles compared to unfermented wheat bran. The results suggest that SSF by medicinal fungi is a promising way for the high-value utilization of wheat bran.