This study determined the effect of fermentation by Fresco DVS 1010 starter culture with added probiotic strain Lactobacillus rhamnosus GG and potentially probiotic isolate Lactobacillus plantarum HM1, at fermentation times (0, 8 h) and cold storage period (24 h, 4th day, 7th day, 14th day), on microbial parameters, pH changes, total phenolic content, phenolic compounds profile, and antioxidant activity of buckwheat water- and milk-based mashes, flavored with cranberries and unflavored. The tested starter Fresco culture effectively fermented the buckwheat products and the viable cell counts of potentially probiotic bacteria were sufficient to demonstrate the health-promoting properties of final products. Lactic acid bacteria had a positive impact on total phenolic compound content, total flavonoid content, and antioxidant activity of buckwheat mashes, whereby final values (14 days) were higher by about 16.9–130.8%, 13.4–37.7%, and 14.5–145.9%, respectively, in comparison to initial values (0 h). Seven phenolic acids (gallic, protocatechuic, vanillic, syringic, caffeic, p-coumaric, and ferulic) and two flavonoids (rutin and quercetin) in buckwheat mashes were measured during the experimental period. The content of quercetin, gallic, and protocatechuic acids increased and, conversely, p-coumaric acid decreased, in all products. Prepared buckwheat fermented products have the potential to meet the criteria for potentially functional foods.