Abstract: The mixed fermentation with Lactobacillus plantarum and Lactobacillus paracei on Physalis pubescens L.juice was carried out and the changes of physico-chemical indexes, flavonoid and polyphenol contents and volatile odor components of the Physalis pubescens L. juice before and after fermentation were analyzed. The results showed that when the inoculation ratio of Lactobacillus plantarum and Lactobacillus paracei was 2∶1（V/V）, inoculation amount was 1.0%（V/V） and fermentation time was 12 h, the sensory score, flavonoid and polyphenol contents of fermented Physalis pubescens L. juice were the best. Terpenes and inorganic sulfur compounds were the main odor components in the Physalis pubescens L. juice. Mixed culture fermentation of lactobacillus could significantly increase the contents of terpenes, inorganic sulfides, nitrogen oxides, organic sulfides and aromatic substances in the juice, especially for health-beneficial terpenes. Which had important guiding significance for industrial production of Physalis pubescens L. juice fermented with lactic acid bacteria.