This study investigated the antioxidative and hair growth-promoting activities of Zizyphus jujuba (Zj) and fermented Zj with Aspergillus oryzae, Bacillus subtilis, Bifidobacterium breve, Lactobacillus acidophilus, and Saccharomyces cerevisiae (Sac. cerevisiae). Among Zj and fermented Zjs, Sac. cerevisiae-fermented Zj (Zj-Y) exerted stronger scavenging activity against 1,1-diphenyl-2-picrylhydrazyl and hydroxyl radicals than others. In addition, total polyphenol content of Zj-Y was higher than that of non-fermented Zj and other fermented Zj. This result indicates that fermentation of Zj by Sac. cerevisiae elevated antioxidative activity. Furthermore, using an alopecia model in C57B/6N mice, the hair growth activities of Zj and Zj-Y were investigated. The test samples, EtOH, minoxidil (MXD), Zj, and Zj-Y, were topically treated with 0.2 mL/day for 4 weeks. The experiments involved macroscopic observation and measurement of hair length methods. The results show that regrowth speed of hair was in decreasing order of MXD> Zj-Y> Zj> EtOH. The topical application of MXD and Zj-Y in mice promoted hair regrowth and prevented hair loss compared to the control group. The present study indicates that Zj-Y is a promising treatment for alopecia.