A solid fermentation was performed on black soybeans with Aspergillus awamori. The effects of fermentation on the contents of total phenolics and amino nitrogen and on the inhibitory effect on low-density lipoprotein (LDL) oxidation of black soybeans were examined. Results revealed that fermentation significantly enhanced the LDL oxidation inhibitory activity and total phenolics and amino nitrogen contents of black soybeans. The increased content of amino nitrogen was closely related to the enhanced LDL oxidation inhibitory activity of fermented black soybeans and its water extract. Fermentation temperature and length affected the LDL oxidation inhibitory effect exerted by the prepared fermented black soybeans. The A. awamori-fermented black soybean prepared at 30 °C for 3 days exhibited the highest inhibitory effect on LDL oxidation. The bioactive principles related to the inhibitory effect on LDL oxidation in black soybeans, regardless of fermentation, could be most efficiently extracted with water rather than 80% methanol or 80% ethanol.