Pelleting experiments were carried out in this study to clarify the influence mechanism of wet-fermented soybean dregs on the forming of corn stover. The effects of addition of water or wet fermented soybean dregs on the forming quality of corn stover were comparatively studied under different corn stover particle sizes and compression displacement. The fermented soybean dregs significantly affected the relaxed density, dimensional stability coefficient, and hardness of feed pellets. The relaxed density, dimensional stability coefficient, and hardness of feed pellets increased first and then decreased with the increase of fermented soybean dregs. The forming quality of corn stover added with fermented soybean dregs was higher than that of corn stover added with the same amount of water. The mechanism allowed soybean dregs to strengthen the bonding between corn stover particles and thus improved the quality of feed pellets. A certain amount of water was favorable for corn stover pelleting, but excessive water may decrease the quality of pellets. The comprehensive analysis showed that the addition of 5%–10% fermented soybean dregs to the corn stover improved the relaxed density, dimensional stability coefficient, and hardness of feed pellets by 10.76–23.51%, 7.32–15.74%, and 33.39–454.47%, respectively.