Using HPLC and HS-SPME-GC-MS to investigate the changes of nutrients, volatile substances and antioxidant properties during the compound fermentation of goji juice by Lactobacillus plantarum and Lactobacillus fermentum. The results show that lactic acid bacteria grow well in goji juice, and the pH value is significantly reduced; during the fermentation process, lactic acid bacteria use sucrose, glucose, and fructose as carbon sources to produce acid, and the content of lactic acid, acetic acid and aminobutyric acid are significantly increased, while oxalic acid, malic acid and citric acid decreased significantly; the composition and content of phenolic substances in goji juice were significantly changed after fermentation, protocatechuic acid was not detected in unfermented wolfberry juice, and the content increased to 40.55 μg/mL after fermentation Catechins, p-hydroxybenzoic acid, 3-hydroxycinnamic acid, and myricetin increased by 13.44%, 42.40%, 170.73% and 12.30% respectively; fermentation of lactic acid bacteria changed the composition and content of volatile components in wolfberry juice. The content of alcohols, acids, and olefins increased, while some substances such as aldehydes and ketones decreased, and volatile components such as ethanol, 1-hexanol, and linalool were newly produced after fermentation. The antioxidant capacity of goji juice was also significantly improved, which DPPH free radical scavenging power, total reducing power and oxygen radical absorbance capacity increased by 21.42%, 14.18%, and 51.75%, respectively. Studies have shown that lactic acid bacteria fermentation has a significant effect on the quality and antioxidant activity of goji juice, which provides a theoretical basis for the development of healthy goji products.