Foxtail millet is typically dehulled before consumption or processing. However, foxtail millet bran also contains abundant phenolic compounds and other nutrients. Edible fungi have rich extracellular enzyme systems; are environmentally friendly and safe for consumption; and have been shown to effectively degrade lignin and cellulose. This study aimed to screen edible fungi that can effectively ferment undehusked foxtail millet, improving its nutritional value and antioxidant properties through solid‐state fermentation (SSF). The results demonstrated that fermentation utilizing Pleurotus geesteranus exhibited significant improvements in both the phenolic compound content and antioxidant properties of foxtail millet, with the optimal fermentation period determined to be 30 days. The physical and functional properties of fermented undehusked foxtail millet (FFM) flour were effectively improved, increasing crude protein, vitamin C, and crude polysaccharide contents by 11.46%, 27.78%, and 54.17%, respectively. In vitro scavenging activities of FFM were 73.19%, 93.86%, and 63.75% for 2,2‐diphenyl‐1‐picrylhydrazyl (DPPH), 2,2′‐azino‐bis(3‐ethylbenzothiazoline‐6‐sulfonic acid) (ABTS·+), and superoxide anion radicals (O2−), respectively. The total antioxidant capability (T‐AOC) and superoxide dismutase (SOD) activity of FFM were 1.01 mM Trolox equivalents (TE)/g and 89.05 U/g, respectively. Additionally, T‐AOC, SOD, and glutathione peroxidase (GSH‐Px) activities increased, whereas malondialdehyde (MDA) levels decreased in the heart, liver, and kidneys of mice treated with FFM flour, indicating enhanced antioxidant capacity. Therefore, fermentation with edible fungi is suitable for improving the nutritional composition and antioxidant properties of foxtail millet.