In this study, the effects of lactic acid bacteria (LAB) fermentation on the physicochemical and structural characteristics of mixed starches in blends of glutinous and japonica rice were investigated. Five starter cultures improved in varying degrees the hydration ability, transparency, and freeze-thaw stability of the mixed starches. Mixed starch I, prepared by fermentation of Lactobacillus acidophilus HSP001, exhibited optimal water-holding capacity, solubility, and swelling power. In comparison, mixed starches V and III involved fermentation of L. acidophilus HSP001 and Latilactobacillus sakei HSP002, using ratios of 2:1 and 1:1 to achieve higher transparency and freeze-thaw stability, respectively. The LAB-fermented, mixed starches exhibited excellent pasting properties due to their high peak viscosities and low setback values. Moreover, the viscoelasticity of mixed starches III-V, prepared by compound fermentation of L. acidophilus HSP001 and L. sakei HSP002 in ratios of 1:1, 1:2, and 2:1, respectively, proved superior to their single strain fermentation counterparts. Meanwhile, LAB fermentation resulted in reduced gelatinization enthalpy, relative crystallinity, and short-range ordered degree. Thus, the effects of five LAB starter cultures on mixed starches were inconsistent, but these results provide a theoretical basis for the application of mixed starches.