Hongsuantang (HST) is a traditional Chinese and famous sour soup. However, the quality of naturally fermented HST is not controllable. We investigated the effects of different lactic acid bacteria starters on HST acid production, color, antioxidant capacity, total phenols, total carotenoids, organic acids, volatile substances, and sensory properties to determine the most suitable strain for HST production. The results showed that among the seven lactic acid bacteria strains used to inoculate fermented HST, Lactiplantibacillus plantarum SQ-4 exhibited the most excellent fermentation characteristics. SQ-4 rapidly reduced the HST’s pH by 0.77. It significantly increased the HST’s color, organic acids, total phenols, carotenoids, lycopene, and free radical scavenging ability. Lactiplantibacillus plantarum SQ-4 was an excellent starter for preparing HST with good acid production capacity, moderate sourness and spiciness, and good sensory and other characteristics. Each starter produces its distinct flavor components. α-Pinene, myrcene, α-copaene, and guaiol were vital aroma compounds in HST fermentation by the starter. This study laid a foundation for selecting HST starters and potential industrial production.