The effects of lactic acid bacteria fermentation and in vitro simulated digestion on phenolic bioavailability, phenolic bioavailability, and antioxidant activity of purple sweet potato juice (PSPJ) were investigated. The PSPJ was fermented by Lactobacillus rhamnosus and Streptococcus thermophilus. The viable bacterial count, phenolic components, antioxidant activity, phenolic bioaccessibility, and phenolic bioavailability of PSPJ were analyzed during the simulated digestion process in vitro. The data displayed that lactic acid bacteria fermentation increased total α-glucosidase inhibition, total flavonoid content, and ratephenolic content. The antioxidant activities were improved after in vitro simulated digestion due to the biotransformation of phenolic substances by lactic acid bacteria fermentation. The bioaccessibility and bioavailability of phenols in PSPJ were improved with fermentation of lactic acid bacteria. Furthermore, the viable bacteria count of the two strains was significantly improved (>7 log CFU/mL) after simulated digestion in vitro.