Bifidobacterium, as a crucial probiotic, has been proven to play a pivotal role in maintaining intestinal microecological balance, enhancing immunity, and promoting nutrient absorption. Recently, Bifidobacterium-fermented lysates (BFL) have garnered attention because of their remarkable antioxidant capacities, particularly their ability to scavenge free radicals and protect cells from oxidative damage; thus, BFL exhibit potential for anti-aging, anti-inflammatory, and anti-tumor applications. This is a review of the antioxidant properties of Bifidobacterium and BFL, including in vitro and in vivo antioxidant activity assessment methods and experimental models, identification of antioxidant components, and their mechanisms of action. Furthermore, the application prospects of BFL in the food industry, cosmetics, and medical fields have been analyzed. Additionally, the article outlines future research directions regarding BFL in the quantitative analysis of active ingredients, clinical safety assessment, and optimized preparation processes, to provide novel insights into the development and industrial application of natural antioxidants.