The purpose of this study was to evaluate the functional characteristics of fermented mixed grain beverages obtained using different microbial species and to evaluate their suitability for consumption. Various fermented mixed grain beverages were prepared through fermentation with Aspergillus (A.) oryzae CF1003 (A), A. acidus KACC46420 (B), Rhizopus (R.) delemar KACC46149 (C), R. oryzae KACC45714 (D), R. oryzae KACC46148 (E), A-E mixed strains (F), A. oryzae CF1001 (G), A. acidus CF1005 (H) and A+H mixed strains (I). The visual appearance, flavor, taste, and the antioxidant capacity of each fermented beverage were then assessed. The chromaticity and aesthetic quality of the fermented beverage was measured and all fermented beverages appeared yellow. The C-, G-, H- and I-fermented beverages received scores of 3.319, 3.206, 3.170 and 3.025 points, respectively, following a sensory evaluation, while the others received less than 3 points. The polyphenol content of the different beverages were similar, while the flavonoid content significantly differed. In particular, the flavonoid content of the C- and E-fermented beverages was significantly higher than other beverages. Although the electron donating ability and reducing power of the fermented beverages was very low, the superoxide dismutase (SOD)-like activity of all beverages (except the E-fermented beverage) increased in a concentration-dependent manner. Specifically, the SOD-like activity from the F-fermented beverage at 10,000 ppm was more than 50%. Interestingly, the antioxidant activities of the beverages were unrelated to their polyphenol or flavonoid levels. This study also found that the aesthetic qualities of G- and H-fermented beverages were the highest and that this was completely independent of their antioxidant capacity. Therefore, our results suggest that further studies are required to develop mixed grain-derived fermented beverages that can also fulfill a useful functional purpose.