This study aimed to investigate the composition, structure, in vitro antioxidant, and hypoglycemic activities of a novel water‐soluble MBP‐1, an extract from millet bran, isolated by DEAE‐52 cellulose and purified by Sephadex G‐100. The results showed that MBP‐1 was mainly composed of xylose, mannose, galactose, rhamnose, and arabinose with a molar ratio of 0.72:0.59:76.26:1.04:0.83 and a molecular weight of 6.6×104 Da, and its purity was 98%, and the yield was 3.76%. MBP‐1 has an irregular granular structure by atomic force microscopy and scanning electron microscopy, and the anomeric carbon in MBP‐1 molecule has α‐configuration and β‐configuration by NMR and FTIR. The in vitro scavenging abilities of MBP‐1 for·OH, DPPH, O2·−, and ABTS+ were 73.5%, 80%, 69.8%, and 75.2%, respectively, and the chelating activity for Fe2+ was 50%, and the inhibition rates of α‐glucosidase and α‐amylase were 78.5% and 74.6%, respectively, which indicated that MBP‐1 possessed strong antioxidant and hypoglycemic activities. The results indicated that MBP‐1 have certain application prospects in food‐related fields.