Grifola frondosa was used to ferment the RB water extracts and modify the RBPSs. The monosaccharide composition and Mw of RBPSs were changed after fermentation. The scavenging ratios of hydroxyl radical by fermented products were enhanced. The scavenging ratios of DPPH radical by fermented products were enhanced. The products fermented for 9 days exhibited two-way adjusting effects on NO production.