Abstract: Wheat germ resources are abundant in China, but the utilization rate of wheat germ is low in China, which leads to the waste of resources. Fermentation of wheat germ can produce phenolic acids, flavonoids and other active substances, which can improve its nutritional value and human utilization rate. In this paper, Aspergillus niger was used to ferment wheat germ, and antioxidant activity was used as the index to design response surface experiment to optimize the fermentation process. The fermentation products were extracted by water extraction and alcohol precipitation method, and the physicochemical properties of alcohol precipitation under different drying conditions were studied. The results showed that the optimal fermentation conditions were as follows:fermentation temperature was 28℃, inoculation amount was 5.48%, fermentation time was 76.88 h, and ratio of material to liquid was 1:10(g/mL). Under these conditions, the scavenging rate of DPPH free radical reached as high as 81.94%. The fermentation products obtained by spray drying and freeze drying have certain oil-holding property, foaming property, and good emulsification property. Therefore, the wheat germ products fermented by Aspergillus niger have good antioxidant activity, and freeze-drying can be used when the emulsification and foaming properties are high. There is no linear relationship between the two drying methods on the oil holding capacity. This study provides an experimental basis for the deep processing of wheat and the development of high-value wheat germ.