The invention discloses compound fertilizer having growth promotion and high slow-release properties and used for rice planting. The compound fertilizer is prepared from raw materials as follows: ammonium nitrate, monopotassium phosphate, urea, urea phosphate, calcium superphosphate, ammonium dihydrogen phosphate, potassium sulfate, magnesium sulfate, potassium nitrate, amino sodium dicarboxylate, Trichoderma, yeast powder, straw fermentation bacteria, cellulase, potassium mineral powder, rare earth, low-rank coal, silico-calcium powder, turf powder, fly ash, pine sawdust, kaolin, rice hull powder, poultry manure, maize straw, blue-green alga powder, dolomite, diatomite, calcite, humic acid, lignin, EDTA (ethylene diamine tetraacetic acid) chelate zinc, amino acid chelated molybdenum, dicyandiamide, phosphoric triamide and a modified slow-release agent. The invention further discloses a preparation method of the compound fertilizer having growth promotion and high slow-release properties and used for rice planting. The compound organic fertilizer has outstanding slow-release performance and can effectively increase the rice yield and improve the rice quality.