In our study, a highly efficient cellulose-degrading strain was screened, isolated, and identified as Bacillus subtilis by 16S rDNA gene sequencing. It was applied to the fermentation of corn bran (CB) and the fermentation process was optimized through single factor and response surface methodology (RSM). The results showed that after fermentation improvement, the soluble dietary fiber (SDF) content in CB increased from 2.39 to 14.91%. Compared with CB, the surface of fermented corn bran (FB) becomes loose, with reduced particle size, crystallinity, thermal stability, and increased viscoelasticity. The water holding capacity (WHC), oil holding capacity (OHC), and water swelling ability of FB significantly increased. Finally, improvements in glucose adsorption capacity (GAC), sodium nitrite adsorption capacity, sodium cholate adsorption capacity (SCAC), and antioxidant performance were observed. These results demonstrate that microbial fermentation with B. subtilis TR-29 is an effective strategy for enhancing the functional properties and potential health benefits of corn bran.