This study evaluated the effects of probiotic Lactobacillus plantarum MC5 on the quality, antioxidant activity, and storage stability of yogurt, to determine its possible application as a starter in milk fermentation. Four groups of yogurt were made with different proportions of probiotic L. plantarum MC5 and commercial starters. The yogurt samples’ rheological properties, texture properties, antioxidant activity, storage stability, and exopolysaccharides (EPS) content during storage were determined. The results showed that 2:1 and 1:1 yogurt samples (supplemented with L. plantarum MC5) attained the highest EPS content (982.42 mg/L and 751.71 mg/L) during storage. The apparent viscosity, consistency, cohesiveness, and water holding capacity (WHC) of yogurt samples supplemented with L. plantarum MC5 were significantly higher than those of the control group (p < 0.05). Further evaluation of antioxidant activity revealed that yogurt samples containing MC5 starter significantly increased in DPPH, ABTS, OH, and ferric iron-reducing power. The study also found that adding MC5 can promote the growth of Streptococcus thermophilus. Therefore, yogurt containing L. plantarum MC5 had favorable rheological properties, texture, and health effects. The probiotic MC5 usage in milk fermentation showed adequate potential for industrial application.