The invention discloses a formula of an alcohol-based fuel additive and fuel. The alcohol-based fuel additive is prepared from C5 or C9, banana oil, ethyl acetate, acetone, xylene, n-butyl alcohol, glycerol, hexamethylenetetramine or hexamethylenetriamine, methyl tert-butyl ether, hydrogen peroxide, bis(salicylidene)-propanediamine, naphthenic acid, copper sulfate, potassium permanganate, isooctane, high purity water, a filtering medium, a dispersing agent and an inhibitor. The alcohol-based fuel additive can reduce damage of the fuel to an automobile engine, and the engine is easy to start atlow temperature, has no gas barrier at high temperature, prevents shock blast and has strong power and excellent environmental protection effect.