Black wheat bran (BWB) is an important source of dietary fiber (DF) and phenolic compounds and has stronger nutritional advantages than ordinary WB. However, the low content of soluble dietary fiber (SDF) negatively influences its physicochemical properties and nutritive functions. To obtain a higher content of SDF in BWB, we evaluated the impact of co-modification by extrusion and enzymes (cellulase, xylanase, high-temperature α-amylase, and acid protease) on water extractable arabinoxylan (WEAX) in BWB. An optimized co-modification method was obtained through single-factor and orthogonal experiments. The prebiotic potential of co-modified BWB was also evaluated using pooled fecal microbiota from young, healthy volunteers. The commonly investigated inulin served as a positive control. After co-modification, WEAX content was dramatically increased from 0.31 g/100 g to 3.03 g/100 g (p< 0.05). The water holding capacity, oil holding capacity, and cholesterol adsorption capacity (pH = 2.0 and pH = 7.0) of BWB were increased by 100%, 71%, 131%, and 133%, respectively (p< 0.05). Scanning electron microscopy demonstrated a looser and more porous microstructure for co-modified BWB granules. Through in vitro anerobic fermentation, co-modified BWB achieved a higher content ofBifidobacteriumandLactobacillusthan inulin fermentation. In addition, co-modified BWB induced the highest butyric acid production, indicating high potential as prebiotics. The results may contribute to improving technologies for developing high-fiber-content cereal products.