Abstract: The objective of this study was to evaluate the change rules of nutritional components and anti- nutritional factors in Neurospora crassa fermentation process of soybean meal. The results indicated the degradation rate of crude fiber and the crude protein content were increased along with fermentation time growing.The crude fats were decreased.The total soluble sugar were decreased to a bottom and then increased later. These changes were caused by cellulase produced by Neurospora crassa. The content of carotenoids increased with the extension of fermentation.The content of phytic acid declined,and reached to steady state after 12 h. The activity of trypsin inhibitor decresed,and could not be detected after 48 h. The change rules of nutrition components and anti-nutritional factors in Neurospora crassa fermentation of soybean meal would provide a theoretical basis for the further processing of soybean meal.