The study investigated the effects of various levels of isoflavone aglycone-enriched fermented soybean meal (FSBM) on the redox status, serum hormones and milk quality of ewes from late pregnancy to early lactation. Twenty Chongming White ewes were chosen and divided into four treatment groups (n = 5): basal diet without FSBM (CON); basal diet with 2% (FSBM2); 4% (FSBM4); and 6% FSBM (FSBM6) replacing equal amounts of soybean meal (SBM). At parturition, maternal serum, the placenta and colostrum were collected. At day 21 of lactation, maternal serum and milk were collected. Results showed that, compared with CON, feeding ewes with FSBM6 reduced the concentrations of hydrogen peroxide (H2O2) and 8-hydroxy-2-deoxyguanosine (8-OHdG), and increased the activity of superoxide dismutase (SOD) and total antioxidant capacity (T-AOC) concentration in the placenta. At parturition and day 21 of lactation, the serum SOD activity and T-AOC concentration in FSBM4 and FSBM6 were higher than those in CON. Furthermore, the concentration of serum 8-iso prostaglandin (8-ISO-PGF2α) was markedly lower in FSBM6 than in CON. Serum prolactin (PRL), insulin-like growth factor 1 (IGF-1) and epidermal growth factor (EGF) concentrations were increased in FSBM4 and FSBM6 compared with CON. PRL concentration was increased in FSBM2. FSBM4 increased the levels of fat, protein, lactose, IgA, IgG and IgM in colostrum and milk. In conclusion, feeding ewes with FSBM from late pregnancy to early lactation seemed to increase maternal and placental anti-oxidative capacity, and improve serum hormones and milk quality. Considered overall, the level of 4% supplementation is recommended.