Rice bran (RB), a by-product of the rice milling process, is a rich source of bioactive compounds. Current studies have suggested that fermentation can enhance the bioactivities of RB. This study is aimed to analyse the volatile compounds and sensory profile of fermented RB from two cultivars (Inpari 30 and Cempo Ireng) that are well-known in Indonesia, as well as to measure total phenolic content (TPC) and antioxidant activity. Volatile compounds of fermented RB were analyzed using gas chromatography-mass spectrometry combined with headspace-solid phase microextraction. The optimum TPC and antioxidant activity were observed after 72 h fermentation of RB. The 55 volatile compounds were identified in fermented and non-fermented RB. They were classified into alcohols, aldehydes, acids, ketones, phenols, esters, benzene, terpenes, furans, lactone, pyridines, pyrazines, and thiazoles. Volatile compounds were significantly different among the varieties. The sensory analysis showed that the panelists could differentiate sensory profiles (color, taste, flavor, and texture) between the samples. Fermentation can enhance the acceptance of RB. These studies may provide opportunities to promote the production of fermented RB as a functional ingredient with enhanced bioactivity for health promotion.