Distiller’s dried grains with solubles (DDGS) are co-products of the maize ethanol industry. DDGS contains feruloylated arabinoxylans (AXs), which can present gelling, antioxidant, and health-promoting effects. However, AXs presenting high ferulic acid (FA) content can exhibit delayed fermentation by the colonic microbiota. Therefore, partial deferuloylation of AXs from DDGS while preserving the polysaccharide gelling and antioxidant properties could add value and favor the sustainable development of bioethanol plants. The aim of this work was to partially deferuloylated AXs from DDGS using feruloyl esterase and to evaluate the polysaccharide macromolecular characteristics, gelling, and antioxidant properties. The AXs presented FA and FA dimer contents of 3.27 and 0.30 µg/mg polysaccharide, respectively, which decreased to 1.26 and 0.20 µg/mg polysaccharide, respectively, in feruloyl esterase-treated AXs (FAXs). The molecular weight and intrinsic viscosity of FAXs were slightly less than those of AXs. The Fourier transform infrared spectroscopy data of AXs and FAXs were similar, confirming that the enzyme did not modify the polysaccharide molecular identity. FAX gels (2% w/v) exhibited a decrease in elasticity by 43% in relation to that of AXs gels. The antioxidant capacity of FAXs was reduced by 32% and 43% (DPPH and ABTS method, respectively), compared with that of AXs. The FAX gelling and antioxidant properties were -comparable to those reported for other AXs in the literature. Feruloyl esterase may offer an interesting approach for the design of functional FAXs as value-added products recovered from DDGS.