The invention discloses a probiotic fermented feed additive which can improve the digestion and absorption performance of dairy cattle, improve the organism immunity, promote healthy production of dairy cattle and increase the yield of high-quality milk of dairy cattle. The fermented traditional Chinese herbal medicine feed additive is prepared from traditional Chinese herbal medicines such as lycium barbarum, radix scutellariae, seaweed, tetrapanax papyriferus, uniflower swisscentaury root, cowherb seeds, angelica sinensis, poria cocos, oriental wormwood, dandelion, ligusticum wallichii, liquorice and codonopsis pilosula through a process of 'traditional Chinese herbal medicine ultrasonic auxiliary degradation and multi-strain secondary fermentation.' The probiotic fermented feed additive has advantages of both traditional Chinese herbal medicines and probiotics, can effectively condition the intestinal health of dairy cattle, can treat both symptoms and causes, can solidify and cultivate the essential basis, can maintain the intestinal microecological balance and the optimal immunity state, can increase the digestion absorption rate of nutritive substances, can improve the immunity of dairy cattle bodies, can increase the breeding yield, can reduce the breeding risk, can replace antibiotics, is free of adverse influence on the dairy cattle and safe to use, can avoid problems of medicine residue or medicine resistance, and has wide market prospect.