The traditional Polygonatum sibiricum (P. sibiricum) processing method, alcohol steaming method or alcohol stewing method, is time-consuming and energy-consuming. In order to develop low energy consumption, short time-consuming and mild conditions of P. sibiricum processing technology, the optimum P. sibiricum fermentation strain was screened, and the fermented P. sibiricum activities of anti-oxidation, hpyerglycemic and lipid-lowering were systemly researched. Lactiplantibacillus plantarum Picp-2, an optimum strain, was eventually screened. Using L. plantarum Picp-2 on P. sibiricum by liquid fermentation, the P. sibiricum polysaccharide obtained DPPH·, ·OH, ·O₂^– clearance rate and total reducing power increased by 50.38%, 13.10%, 14.48% and 31.47%, respectively. At the same time, the inhibition rate of α-glucosidase in Picp-2 fermentation group increased by 83.24%. The results show that L. plantarum Picp-2 significantly increases the antioxidant and hypoglycemic activities of P. sibiricum by liquid fermentation. This study provides a theoretical basis and guidance for the development and research of P. sibiricum processing technology.