The effects of three strains of lactic acid bacteria (Lactobacillus plantarum, Lactobacillus rhamnosus, and Streptococcus thermophilus) on viable counts, physicochemical indicators, phenolic profiles, antioxidant capacities, and volatile compounds in purple sweet potato juice were investigated during fermentation. The results showed the viable count of three bacteria increased and exceeded 11 log CFU/mL after fermentation. At the end of fermentation, the purple sweet potato juice exhibited an increase in total phenolic and flavonoid content. In addition, lactic acid bacteria fermentation changed the phenolic profiles and enhanced antioxidant capacities. Moreover, Pearson's correlation analysis showed that DPPH, ABTS, and hydroxyl radical scavenging capacities were positively correlated with caffeic acid and vanillic acid content (p < 0.05). Furthermore, lactic acid bacteria fermentation improved the aroma complexity and sensory quality of purple sweet potato juice. In conclusion, this study provided useful information for the development of purple sweet potato juice fermented by lactic acid bacteria.