Abstract: Rice milled by- products( RMP) were liquid fermented by five edible mushrooms,Ganoderma lucidum( GL),Agrocybe aegerita( AA),Pleurotus eryngii( PE),Flammulina velutipes( FV) and Lentinus edodes( LE).The chemical composition( crude protein,crude fat,soluble dietary fiber and total phenols) and the physicochemical property of RMP were determined. The results showed that liquid fermentation by five mushrooms caused significantly were increase in soluble dietary fiber contents( p < 0.05),especially for AA and FV,being a 4.17 and4.39- fold increase,respectively. Crude protein were increased and fat were insignificantly effected by the fermentation( p > 0.05).Total phenolic contents were significantly increased from 2.90 GAE/ g DW to 4.03 mg GAE/ g DW and 4.46 mg GAE / g DW after fermented by AA and FV,respectively. RMP showed significant oil- holding capacity,being 4.50 g / g.Fermentation insignificantly affected the oil- holding capacity.Water- holding capacity and swelling capacity of RMP were not obvious. Fermentation insignificantly affected these capacities,except that GL fermentation increased water- holding capacity( p < 0.05). Glucose dialysis retardation index was significantly increased by fermentation of FE and FV( p < 0.05). Fermentation process by edible mushroom could improve the quality of rice milled by- products,especially for FV fermentation.