The suitability of germinated brown rice (GBR) for developing novel multifunctional yogurt-like products was evaluated. Crude brown rice, soaked brown rice and GBR for 48 h and 96 h were fermented (F-CBR, F-SBR, F-GBR48 and F-GBR96, respectively). The viability of the starter culture, acidification pattern, techno-functional properties, content of bioactive compounds [phenolic compounds, γ-aminobutyric acid (GABA) and γ-oryzanol], biological activity [antioxidant and angiotensin I-converting enzyme (ACE) inhibitory activities] and sensory attributes were evaluated. Fermentation did not modify proximate composition but improved phenolic and GABA contents as well as ACE-inhibitory activity and consistency index of yogurt-like products. Among them, F-GBR96 exhibited the highest phenolic (15.2 mg GAE/100 g) and GABA (1.9 mg/100 g) concentrations, antioxidant activity (46.9 μg TE/100 g) and ACE-inhibition (61.5%) and was well accepted by panellists.