The sensory evaluation outcome and the number of viable bacteria were used as the indicators for screening lactic acid bacteria with certain acid and bile tolerance and suitability for fermenting red kiwifruit. Through single factor and orthogonal experiments, the fermentation process conditions for red kiwifruit fermentation broth were determined and its flavor substances before and after fermentation were analyzed by GC-MS. The results showed that under the conditions of the selected Lactobacillus plantarum 11 and 154 strains inoculated at 3% and a ratio of 1:1, sugar added at 6%, material-to-water ratio of 2:1, and fermentation time of 22 h, the sensory evaluation score was 93.34, with the acidity being 97.47 °T, pH being 4.14 and the number of viable bacteria being 2.21×109 CFU/mL. The types of volatile substances increased significantly after fermentation (from 70 types before fermentation to 107 types after fermentation), among which, esters and acids changed greatly (from the original 11 types of esters and 4 types of acids to 18 types and 17 types, respectively). Based on the above indicators, the kiwifruit fermentation broth under the process conditions had a large number of viable cells, was rich in flavor substances, and tasted delicious.