The effects of steam explosion (SE)-assisted ultrasound (SEU), citric acid (SEC), sodium hydroxide (SEA), and cellulase (SEE) treatment on the properties of soluble dietary fibre (SDFP) extracted from highland barley bran were analysed. The results showed that SE pretreatment combined with other methods effectively improves the SDFP yield. The highest yield of SDF (20.01%) was obtained through SEA treatment. SEU-SDFP had a loose and porous structure, whereas the surface of SEC-SDFP and SEA-SDFP presented a complicated and dense texture. Although SE pretreatment reduced the thermal stability of SDFP, SEC and SEE treatment maintained its thermal stability. Furthermore, SEU-SDFP exhibited the highest water and oil holding capacities, and cholesterol and nitrite ion adsorption capacities. SEE-SDFP exhibited the best DPPH and ABTS radical scavenging abilities. In summary, four SE-assisted extraction methods had different advantages, and highland barley bran SDF can be considered as a potential functional additive in the food industry.