The objective of this study was to develop a new type of feedstuff by utilizing probiotics to transform agricultural byproducts to meet the livestock feed shortage. In this study, peanut hull powder (PHP) was used as the fermentation substrate, which was inoculated with 18 kinds of feed probiotics combined with two kinds of nutritional additives. The desired value formula was used to select the strains suitable for fermentation of PHP, and the strains were combined as multi-culture starters. We compared the changes of the chemical composition and bacterial flora before and after the fermentation, which provided a theoretical basis for the establishment and quality evaluation of the system of PHP fermentation. The result shows that inoculation with CM6 together with nutrients co-fermenting clearly raised the content of organic acid, CP and WSC in the PHP and effectively inhibited the growth of harmful microorganisms such as Enterobacter and Fusarium.