A large amount of food waste is currently generated due to rapid global population growth, which results in environmental pollution and economical burdens for waste disposal. Composting is one of the most environmentally friendly and cost-effective methods for food waste treatment. This study aims to give insight into microbial community structure and functional strains of household food waste compost, which might optimize the composting process and help increase food waste treatment efficiency. The microbial community is characterized via 16S rRNA sequencing. The dominant microbes are assigned to the three phyla of Firmicutes, Proteobacteria and Bacteroidetes, and the main fungi are assigned to the phylum of Ascomycota. We isolated some functional microbes from the compost microbiota, including Alcaligenes faecalis, Paenochrobactrum glaciei, Lysinibacillus fusiformis, and Proteus terrae. Moreover, we detected lipase and cellulase activities in the compost liquid. However, the measured lipase and cellulase activity is low, and further enhancement of the lipase activity in the food waste compost might increase waste treatment ability. Therefore, we isolated a cellulase and lipase harboring Bacillus cereus strain from municipal a wastewater treatment plant. The B. cereus strain have high-level lipase activity, which could be used for food waste treatment in the future.