In recent years, substantial research efforts have been devoted to enhancing sequential recommender systems by integrating abundant side information with ID-based collaborative information. This study specifically focuses on leveraging the textual metadata (e.g., titles and brands) associated with items. While existing methods have achieved notable success by combining text and ID representations, they often struggle to strike a balance between textual information embedded in text representations and collaborative information from sequential patterns of user behavior. In light of this, we propose CCFRec, a novel Code-based textual and Collaborative semantic Fusion method for sequential Recommendation. The key idea behind our approach is to bridge the gap between textual and collaborative information using semantic codes. Specifically, we generate fine-grained semantic codes from multi-view text embeddings through vector quantization techniques. Subsequently, we develop a code-guided semantic-fusion module based on the cross-attention mechanism to flexibly extract and integrate relevant information from text representations. In order to further enhance the fusion of textual and collaborative semantics, we introduce an optimization strategy that employs code masking with two specific objectives: masked code modeling and masked sequence alignment. The merit of these objectives lies in leveraging mask prediction tasks and augmented item representations to capture code correlations within individual items and enhance the sequence modeling of the recommendation backbone. Extensive experiments conducted on four public datasets demonstrate the superiority of CCFRec, showing significant improvements over various sequential recommendation models. Our code is available at https://github.com/RUCAIBox/CCFRec.