The invention relates to a protein-saving compound feed for young megalobrama amblycephalas and a preparation method of the protein-saving compound feed. The feed is mainly prepared from the following raw materials: 3-5% of fish meal, 17-22% of soybean meal, 10-15% of rapeseed meal, 10-15% of cottonseed meal, 8-10% of peanut meal, 3-5% of whole-milk extruded soybean, 5-8% of whole-milk vegetable seed, 5-8% fermented cottonseed meal, 3-5% of corn lee protein, 8-10% of wheat bran, 8-10% of wheat shorts, 1-2% of alpha-starch, 0.05-0.1% of bile acid and salt emulsifying agent, 0.015-0.03% of glycyrrhetinic acid, 1% of monocalcium phosphate and 1% of compound-premix for intensively-cultured fishes. The preparation method comprises the following steps of: stirring the raw materials in a stirring machine and introducing steam to prepare grains with the grain size of 1-2mm, and then, dewatering and cooling to the room temperature. By using the protein-saving compound feed for the young megalobrama amblycephalas, provided by the invention, the problem of unbalanced nutrition of the compound feed in the current culture of the young megalobrama amblycephalas is solved, the physical condition of the of the young megalobrama amblycephalas is improved, the growth speed of the young megalobrama amblycephalas and the feed utilization ratio are increased, and the feed production cost and the pollution to a water body in the culture process can be reduced.