By evaluating the effects of lactic acid bacteria fermentation on the nutritional components and sensory properties of yam juice, a combination of L. plantarum 101 and L. paracasei HGD fermented yam juice was found to be the most acceptable to the overall senses. Compared with unfermented yam juice, the pH value of the fermented decreased from 6.12 to 3.88, whereas the total sugar content decreased by 69.35%. The content of total phenols, soluble dietary fiber, total acids, and free amino acids increased by 98.00%, 53.15%, 493.51%, and 64.30%, respectively. At the same time, the results of gas chromatography-mass spectrometry analysis showed that lactic acid bacteria fermentation could significantly change the types and contents of flavor substances in yam juice, among which acids increased by 195.02% and esters increased by 172.73%. The increase in ester species and content gave rise to a rich flavor in the fermented yam juice, in which ketones and alcohols increased by 88.27% and 7.46%, respectively, while aldehydes decreased by 85.82%. As a result, this improved the acceptability of the final yam juice fermentation broth. In summary, the fermentation of yam juice by lactic acid bacteria not only improve its nutritional composition but also its flavor. These findings indicate that fermented yam juice shows promise as a new type of functional beverage.