In China, a large amount of cereal bran is produced as by-product of cereal processing each year, which is rich in phenolic acids and non-digestible polysaccharides. However, the added value of cereal bran is low due to its low utilization rate. In recent years, feruloylated arabinoxylan oligosaccharides (F-AXOs) have been prepared from cereal bran. F-AXOs are functional oligosaccharides which have been identified as having dual physiological activities of ferulic acid and oligosaccharide, such as antioxidant and probiotic properties, making F-AXOs have broad application prospects. This review summarizes the methods used for the preparation and characterization of F-AXOs from cereal bran and the current knowledge about their structures. Finally, this review focuses on the relationship between the structures and biological activities of F-AXOs and describes the application of F-AXOs in the food industry. This review is expected to provide theoretical guidance for the preparation and application of F-AXOs.