Background: Monascus purpureus and Aspergillus oryzae have been used to ferment defatted soybean flour (DSF: DSFF-Mp and DSSF-Ao, respectively) extract, improving antioxidant availability and conversion of the glycosylated isoflavones to aglycones. The aim of the present study was to evaluate the biological activity of fermented and non-fermented DSF extracts in pain and inflammation, which has not yet been explored. Methods: Phenolic compounds of extracts were determined. Non-fermented DSF (DSF-Non), DSFF-Mp, and DSFF-Ao (10–100 mg/kg) were administrated i.p., 30 min before i.pl. or i.p. carrageenan stimulus. Mechanical and thermal hyperalgesia, edema, histopathology, leukocyte recruitment, and oxidative stress in the paw tissue, and inflammatory cell recruitment, NFκB activation, and cytokine production were assessed in the peritoneum. Stomach and kidney toxicity were evaluated. Results: DSF-Non, DSFF-Mp, and DSFF-Ao extracts inhibited mechanical and thermal hyperalgesia, paw edema, histopathology, neutrophil recruitment, and oxidative stress, as well as inhibited peritoneal leukocyte recruitment. DSF-Non increased IL-10, and DSFF-Ao reduced IL-33 levels. DSFF-Mp increased IL-10 and reduced IL-33 production, and NFκB activation in CD45+ cells, without inducing toxicity. Conclusions: The present data reveal for the first time that fermented/non-fermented DSF extracts are analgesic and anti-inflammatory, showing differences in the mechanism of action depending on fungi applied for fermentation.