This study was conducted to investigate the effects of different strains and wheat bran on the fermentation quality, antioxidant activity, and bacterial community of mulberry leaf silage. Mulberry leaves were ensiled with Pediococcus acidilactici and Pediococcus pentosaceus (A), Bacillus subtilis and Bacillus licheniformi (DK), and Pediococcus acidilactici, Pediococcus pentosaceus, Bacillus subtilis, and Bacillus licheniformi (AK). Each treatment was supplemented with 10% wheat bran (fresh matter basis), and the strains were added in equal proportions for 7 days. The results indicated that the DK and AK groups exhibited higher dry matter (DM) content compared to the A group (p < 0.05). The A group (37.25 mg/g DM) and AK group (34.47 mg/g DM) demonstrated higher lactic acid content and lower pH (<4.40). Furthermore, the DK group had a significantly higher acetic acid content compared to the AK group (p < 0.05). Additionally, both the A and AK groups exhibited lower levels of ammonia-N content than the DK group (p < 0.05). The number of yeasts, molds, and coliform bacteria were low in mulberry leaf silage. Moreover, the antioxidant activity in the fermentation groups increased, with higher relative abundance of beneficial bacteria, Lactococcus and Lactobacillus, in the AK group. In summary, the AK group was observed to enhance fermentation quality and antioxidant capacity, leading to the establishment of a favorable microbial community composition.