Fruit ferment is rich in polyphenols, organic acids, enzymes, and other bioactive components, which contribute to their antioxidant ability. In this study, we investigated the effect of the simulated gastric and intestinal digestion in vitro on the total phenolic content (TPC), total flavonoid content (TFC), phenolic components content, organic acid content, protease activity, superoxide dismutase (SOD) activity, 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging activity (DPPH-RSA), hydroxyl (·OH) radical scavenging activity (·OH-RSA), and total reducing capacity in ‘Xuehua’ pear (Pyrus bretschneideri Rehd) ferment. The result showed that the TPC, TFC, protease activity, and phenolic components such as arbutin, protocatechuic acid, malic acid, and acetic acid showed a rising trend during the simulated gastric digestion in ‘Xuehua’ pear ferment, and these components might contribute to the increasing of ·OH-RSA and total reducing capacity. The SOD activity and epicatechin content showed an increasing trend at first and then a decreasing trend, which was likely associated with DPPH-RSA. During in vitro-simulated intestinal digestion, the majority of evaluated items reduced, except for protease activity, quercetin, and tartaric acid. The reason for the decreasing of bio-accessibility resulted from the inhibition of the digestive environment, and the transformation between substances, such as the conversion of hyperoside to quercetin. The correlation analysis indicated that the antioxidant capacity of ‘Xuehua’ pear ferment was mainly affected by its bioactive compounds and enzymes activity as well as the food matrices and digestive environment. The comparison between the digestive group with and without enzymes suggested that the simulated gastrointestinal digestion could boost the release and delay the degradation of phenolic components, flavonoids, and organic acid, protect protease and SOD activity, and stabilize DPPH-RSA, ·OH-RSA, and total reducing capacity in ‘Xuehua’ pear ferment; thus, the ‘Xuehua’ pear ferment could be considered as an easily digestible food.