The invention provides an environmentally protective raw fish puffed feed with low emissions of nitrogen and phosphorus. The puffed feed comprises fish meal, defatted soybean meal, corn protein powder, wheat gluten powder, spray dried blood meal, squid small peptides, fish oil, soybean oil, phosphatide oil, choline chloride, flour, tapioca flour, L-lysine hydrochloride, DL-methionine, threonine, tyrosine, taurine, mannan oligosaccharide, vitamin C, trace element premix, vitamin premix, an antioxidant. The prepared raw fish feed can significantly reduce nitrogen and phosphorus emissions, has a strong stability in water, is low in dissolve-loss ratio, and has a high-quality environmentally protective effect.