Residual feed intake (RFI) in dairy cattle typically calculated at peak lactation is a measure of feed efficiency independent of milk production level. The objective of this study was to evaluate differences in ruminal bacteria, biopolymer hydrolyzing enzyme activities, and overall performance between the most- and the least-efficient dairy cows during the peripartal period. Twenty multiparous Holstein dairy cows with ad libitum access to a total mixed ration from d −10 to d +60 relative to the calving date were used. Cows were classified into most-efficient (i.e., with low RFI, n = 10) and least-efficient (i.e., with high RFI, n = 10) based on a linear regression model involving DMI, FCM, changes in BW, and metabolic BW. The most-efficient cows had ~2.6 kg/d lower DMI (P < 0.05) at wk 4, 6, 7, and 8 compared with the least-efficient cows. In addition, the most-efficient cows had greater relative abundance of total ruminal bacterial community (P < 0.05) during the peripartal period. Compared with the least-efficient cows, the most-efficient cows had 4-fold greater relative abundance of Succinivibrio dextrinosolvens (P < 0.05) at d −10 and d +10 around parturition and tended (P < 0.10) to have greater abundance of Fibrobacter succinogenes and Megasphaera elsdenii. In contrast, the relative abundance of Butyrivibrio proteoclasticus and Streptococcus bovis was lower (P < 0.05) whereas Succinimonas amylolytica and Prevotella bryantii tended to be lower (P < 0.10) in the most-efficient cows around calving. During the peripartal period, the most-efficient cows had lower enzymatic activities of cellulase, amylase, and protease compared with the least-efficient cows. The results suggest that shifts in ruminal bacteria and digestive enzyme activities during the peripartal period could, at least in part, be a mechanism for better feed efficiency in dairy cows.