Lotus leaves combine both edible and medicinal properties and are rich in nutrients and bioactive compounds. In this study, the lotus leaf tea was prepared using a black tea fermentation process, and the functional components and microbial changes during fermentation were investigated. The results indicated that the activity of polyphenol oxidase showed an initial rise followed by a decline as fermentation progressed, peaked at 3 h with 1.07 enzyme activity units during fermentation. The lotus leaf fermented tea has high levels of soluble sugars (20.92 ± 0.53 mg/g), total flavonoids (1.59 ± 0.05 mg GAE/g), and total polyphenols (41.34 ± 0.87 mg RE/g). Its antioxidant activity was evaluated using ABTS, DPPH, and hydroxyl radical scavenging assays, with results of 18.90 ± 1.02 mg Vc/g, 47.62 ± 0.51 mg Vc/g, and 17.58 ± 1.06 mg Vc/g, respectively. The microbial community also shifted during fermentation.