The invention discloses a compound microorganism liquid bacterial fertilizer for preventing plant diseases and insect pests and a preparation method of the compound microorganism liquid bacterial fertilizer and belongs to the technical field of microorganisms. The bacterial fertilizer comprises raw materials of, by weight, 10-20 parts of paprika powders, 10-20 parts of chilli powders, 5-15 parts of ginkgo leaf powders, 5-15 parts of chinaberry powders, 5-15 parts of lightyellow sophora root powders, 20-40 parts of mashed garlic, 40-80 parts of molasses, 4-8 parts of soybean meal, 5-15 parts of calcium sulfate, 5-15 parts of magnesium chloride, 5-10 parts of salt, 5-15 parts of photosynthetic bacterium strains, 5-15 parts of saccharomycete strains, 5-15 parts of lactic acid bacterium strains, 5-15 parts of streptomyces jingyangensis strains, 5-15 parts of bacillus subtilis strains and 800 parts of water. According to the compound microorganism liquid bacterial fertilizer, probiotic floras which are screened and are capable of coexisting are used for fermenting plant leaching agents of pepper, chilli, ginkgo leaves, chinaberry, lightyellow sophora roots and garlic, the plant leaching agents are capable of expelling and killing the insect pests and harmful bacteria, the compound microorganism liquid bacterial fertilizer has the advantages of being high in content of live bacteria of probiotics, high in activities, high in stability, small in using amount of plant materials, fast in acting effects, non-toxic and environment-friendly, and has wide application prospects in agricultural planting.