Rice b ran is a b y-product of milled rice. It contains b ioactive compounds, such as total phenolic compounds and -oryzanol known to have antioxidant activities. However, these b ioactive compounds are chemically b ound in the lignin matrix of the rice b ran. Fermentation process potentially releases the b ound forms of the active compounds to b ecome the free ones. In this research, the rice b rans of three varieties, i.e. Inpari 24 (red rice), inpari 30 (white rice), and koshihikari (white rice), were fermented using Rhizopus oryzae for 0, 24, 48, 72, 96 and 120 hours. Those showed highest antioxidant activities by DPPH assays were selected for further chemical composition analyses (moisture, ash, fat, protein, and carb ohydrate), total phenolic compound, and -oryzanol. The fermentation process significantly increased (P<0.05) the antioxidant activities of all rice b rans and those fermented for 72 hours showed the highest antioxidant activities. This fermentation condition resulted in significant increase in moisture, ash and protein contents, while decreasing the fat and carb ohydrate contents. The total phenolic compound and -oryzanol of the three fermented rice b rans increased significantly (P<0.05). The fermented rice b ran of Inpari 24 variety showed the highest antioxidant activity, total phenolic compound, and -oryzanol contents as compared to those of Inpari 30 and Koshihikari varieties.