This study aimed to improve the nutritional value of soybean meal (SBM) by solid-state fermentation (SSF) using Bacillus subtilis natto (B. s. natto) to overcome the limitations of SBM usage in aquafeed. The response surface methodology (RSM) was employed to explore the relationships of fermentation conditions, such as temperature, time, water-substrate ratio, and layer thickness, on the degree of protein hydrolysis (DH) and the crude protein (CP) content. The optimum conditions for achieving the higher DH (15.96%) and CP (55.76%) were 43.82 °C, 62.32 h, 1.08 of water-substrate ratio, and a layer thickness of 2.02 cm. CP and DH in the fermented soybean meal (FSM) increased by 9.8% and 177.1%, respectively, and crude fiber decreased by 14.1% compared to SBM. The protein dispersibility index (PDI) decreased by 29.8%, while KOH protein solubility (KPS) was significantly increased by 17.4%. Flavonoids and total phenolic acid content in FSM were increased by 231.0% and 309.4%, respectively. Neutral protease activity (NPA) also reached a high level (1723.6 U g−1). Total essential amino acids (EAA) in FSM increased by 12.2%, higher than the 10.8% increase of total non-essential amino acids (NEAA), while the total free amino acids content was 12.76 times higher than that of SBM. Major anti-nutritional factors in SBM were significantly reduced during the process, and almost all SBM protein macromolecules were decomposed. Together with the cost-effectiveness of SSF, B. s. natto-fermented SBM products have great potential to improve the plant composition and replace high-cost ingredients in aquafeed, contributing to food security and environmental sustainability.