This study aimed at investigating the antioxidant activity, oxidative stability, physicochemical and microbial changes of innovative vegan Camembert-analogue based on flaxseed oil cake (FOC) which was produced using lactic acid bacteria (LAB), mold Penicillium camemberti (PC) and yeast Geotrichum candidum (GC). Two variants were prepared, namely with LAB + PC and LAB + PC + GC. After fermentation for 24 h at room temperature, the samples were stored for 14 days at 12 °C and maturated for 14 days at 6 °C. Changes in microbial population, polyphenolics, flavonoids, radical scavenging capacity were evaluated. Additionally, textural changes, pH, acidity, levels of proteins, free amino acids, reducing sugars, oil content and its oxidative stability were determined. Results showed that LAB as well as fungi were capable of growing well in the FOC without any supplementation and the products were characterized by a high antioxidant potential (high polyphenolics and flavonoids contents as well as 2,2-diphenyl-1-picrylhydrazyl (DPPH), 2,2′-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) (ABTS), superoxide (O2−) and hydroxyl (·OH) radicals scavenging activity). This study has demonstrated that bioactivity as well as the physicochemical properties depend on the starter culture used. Due to functional and biochemical characteristics conferred to the obtained Camembert-analogues, the use of P. camemberti and G. candidum showed a potential for industrial application. There is a potential for these products to be used where non-dairy alternatives are desired.