The interplay between various symmetries and electronic bands topology is one of the core issues for topological quantum materials. Spontaneous magnetism, which leads to the breaking of time-reversal symmetry, has been proven to be a powerful approach to trigger various exotic topological phases. In this work, utilizing the combination of angle-resolved photoemission spectroscopy, magneto-optical Kerr effect microscopy and first-principles calculations, we present the direct evidence on the realization of the long-sought spontaneous time-reversal symmetry breaking induced topological phase transition in soft ferromagnetic EuB$_6$. We successfully disentangle the bulk band structure from complicated surface states, and reveal the hallmark band inversion occurring between two opposite-parity bulk bands below the phase transition temperature. Besides, our magneto-optical Kerr effect microscopy result confirms the simultaneous formation of magnetic domains in EuB$_6$, implying the intimate link between the topological phase transition and broken time-reversal symmetry therein. Our results demonstrate that EuB$_6$ provides a potential platform to study the interplay between the topological phases and tunable magnetic orders.
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