The invention discloses a eucalyptus germination fertilizer which is used for fertilizing a second generation of sprout forest of eucalyptus. The eucalyptus germination fertilizer is prepared from the raw materials of major elements of nitrogen, phosphorus and potassium, and trace elements of calcium, magnesium, silicon, boron, zinc, copper and molybdenum through processes of crushing, mixing, pelleting, and the like, wherein the content of nitrogen is 14-22 percent, the content of phosphorus pentoxide is 7-15 percent, the content of potassium oxide is 4-12 percent, the content of calcium oxide is 5-12 percent, the content of magnesium oxide is 1-5 percent, the content of silicon dioxide is 2-5 percent, the content of boron is 0.01-1 percent, the content of zinc is 0.01-1 percent, the content of copper is 0.01-1 percent, and the content of molybdenum is 0.001-0.1 percent. Correspondingly, the invention further discloses a fertilizing method of the eucalyptus germination fertilizer. By adopting the eucalyptus germination fertilizer, various nutrients necessary for the germination and growth of eucalyptus can be met, the fast-growing advantage is fully developed, unnecessary waste of fertilizer nutrients can be reduced, properties of disease resistance, wind resistance and cold resistance of the eucalyptus are enhanced, and scientific fertilization is realized.