Solid-state fermentation is known to improve plant-based feed nutritional quality; however, the association between microbes and metabolite production in fermented feed remains unclear. We inoculated corn–soybean–wheat bran (CSW) meal feed withBacillus licheniformisY5-39,Bacillus subtilisB-1, and lactic acid bacteria RSG-1. Then, 16S rDNA sequencing and untargeted metabolomic profiling were applied to investigate changes in the microflora and metabolites, respectively, and their integrated correlations during fermentation were assessed. The results indicated that trichloroacetic acid soluble protein levels showed a sharp increase, while glycinin and β-conglycinin levels showed a sharp decrease in the fermented feed, as confirmed by sodium dodecyl sulfate–polyacrylamide gel electrophoresis.Pediococcus,Enterococcus, andLactobacilluswere predominant in the fermented feed. Overall, 699 significantly different metabolites were identified before and after fermentation. Arginine and proline, cysteine and methionine, and phenylalanine and tryptophan metabolism were the key pathways, with arginine and proline metabolism being the most important pathway in the fermentation process. By analyzing the correlation between the microbiota and metabolite production, lysyl–valine and lysyl–proline levels were found to be positively correlated withEnterococcusandLactobacillusabundance. However,Pediococcuswas positively correlated with some metabolites contributing to nutritional status and immune function. According to our data,Pediococcus,Enterococcus, andLactobacillusmainly participate in protein degradation, amino acid metabolism, and lactic acid production in fermented feed. Our results provide new insights into the dynamic changes in metabolism that occurred during the solid-state fermentation of corn–soybean meal feed using compound strains and should facilitate the optimization of fermentation production efficiency and feed quality.