Single strain or mixed strains of Lactobacillus plantarum FPS 2520 and Bacillus subtilis N1 were used to ferment soybean meal (SBM), and the antiobesity activity of the fermented SBM product was investigated in rats fed with high-fat diet (HFD). After fermentation, free amino nitrogen, total peptide, and isoflavone contents were markedly raised, and genistein and daidzein were the major isoflavones in the fermented SBM. After fed with HFD for 10 weeks, obese Sprague-Dawley rats were orally treated with various fermented products for 6 weeks. The body weight gains, as well as weights of abdominal fat and epididymis fat, of rats fed with fermented SBM products were significantly downregulated. The treatment with the mixed-strains fermented SBM product significantly decreased plasma levels of triglyceride (TG), total cholesterol (TC), and low-density lipoprotein-cholesterol, but increased the level of high-density lipoprotein-cholesterol. Moreover, the levels of TG, TC, fatty acid synthase, and acetyl-CoA carboxylase (ACC) in liver were diminished, and the activities of hormone-sensitive lipase and lipoprotein lipase in adipose tissue were augmented. Taken together, these data demonstrated the antiobesity activity of fermented SBM products, among which the product fermented by the mixed strains being the most effective one. Therefore, these fermented SBM products are potential to be developed as functional foods or additives for treatment of obesity and prevention against obesity-induced complications.