The tubers of Bletilla formosana were fermented with eight plant pathogen fungi, respectively, and antioxidant activities and total phenolic content (TPC) of the crude extracts of fermented products and non-fermented products were investigated. The antioxidant activities were evaluated in three different test systems [DPPH, ABTS radical-scavenging activity, and ferric reducing-antioxidant power (FRAP)]. It was found that the extract of Helminthosporium maydis fermented B. formosana (FBF) possessed the highest TPC and exhibited a significant antioxidant activity compared with non-fermented product and other fermented products. Correlation analysis between antioxidant activities and TPC was also investigated. The good correlation between antioxidant activities and TPC revealed that the phenolic compounds might be the major contributors for the high antioxidant activities of the fermented B. formosana. Two phenolic compounds, curvularin and dehydrocurvularin, were isolated from H. maydis FBF, which had never been reported from plant of orchidaceae or H. maydis. Curvularin exhibited significant antioxidant activities, and was also present at a high concentration (0.373 mg/mg extract sample), implying an important role for the antioxidant activity of H. maydis FBF. This study suggested that proper fermentation processing could improve TPC and antioxidant activities of B. formosana.