The invention relates to a compound feed special for young lip fishes and a preparation method thereof, which belongs to the field of compound feeds and processing thereof. The compound feed is characterized by comprising the following components in percentage by mass: 6 to 20 percent of fish meal, 0 to 5 percent of meat and bone meal, 20 to 28 percent of soya bean meal, 10 to 17 percent of corn protein powder, 7 to 11 percent of cottonseed meal, 10 to 15 percent of full-fat soybean, 15 to 20 percent of flour, 4 to 8 percent of rice bran, 0.5 to 1.2 percent of monocalcium phosphate, 0.1 to 0.5 percent of compound enzyme preparation, 0.05 to 0.1 percent of immunopotentiator, 0.3 to 0.5 percent of betaine, 0.02 percent of 5,000 U / g phytase, 0.3 percent of choline chloride, 1 percent of lecithin, 0.5 percent of multidimensional premix and 0.5 percent of multi-mineral premix. The preparation process comprises crushing of raw materials, mixing, extrusion and granulation and drying. Throughthe compound feed and the preparation method, the problem of unbalanced nutrition caused by lack of a special compound feed during the breeding of the young lip fishes is solved; meanwhile, the raw materials are readily available, preparation is simple, nutrition is balanced, nitrogen and phosphorus pollution on the breeding water and fish diseases can be effectively prevented, and the healthy breeding of the lip fishes is realized.