In order to study the fermentation characteristics during the natural fermentation of Lycium barbarum leaf Jiangshui and the microbial diversity at the end of fermentation， the patterns of change of physicochemical indexes， bacteriostatic effect and antioxidant capacity were analyzed and the microbial community structure of Lycium barbarum leaf Jiangshui at the end of fermentation was analyzed using Illumina Miseq high-throughput sequencing technology. The results showed that after 7 days of natural fermentation， the pH decreased from 4.6 to 3.11， the total acid increased from 0.6 g/L to 5.7 g/L， and the number of viable bacteria increased by 2.23×106 CFU/mL from 1.14×106 CFU/mL on the fermentation； in terms of antioxidant， the scavenging rate of the DPPH radical in the Lycium barbarum leaf Jiangshui increased from 25.4% to 59%， and the scavenging rate of hydroxyl radicals increased from 14.92% to 35.5%， the hydroxyl radical scavenging rate reached the highest at 43.34% on the 6th day of fermentation， and the reducing power increased from 0.22 at the beginning of fermentation to 1.177 on the 7th day. The absolute dominant bacterial phylum of Lycium barbarum leaf Jiangshui at the end of the natural fermentation was Bacillota， and the dominant bacterial genus was Lactobacillus， with a relative abundance of 85.65%， and Limosilactobacillus， with a relative abundance of 13.46%； the absolute dominant fungal phylum was Ascomycota， with a relative abundance of 98%， and the dominant fungal genera were Pichia， with a relative abundance of 87.17%， Aspergillus with a relative abundance of 28.63%， and Trichosporon with a relative abundance of 4.01%. This study preliminarily revealed the fermentation characteristics of Lycium barbarum leaf Jiangshui during the natural fermentation process and the microbial community structure at the end of the fermentation， which provided a certain theoretical basis for the enrichment of Jiangshui resources and the subsequent screening of potentially valuable probiotics.