The invention discloses a method for preparing a compound enzyme and probiotic preparation for feed by biotransformation of reed and peanut cake. The method comprises the following steps of: fully mixing Pu'er ripe tea, shiitake mushroom log, agrocybe aegerita mushroom log, first reed, first peanut cake, first wheat bran, first apple pomace and first water which are fermented by piling, and performing acclimation culture so as to form a fermentation agent; and fully mixing the fermentation agent, second reed, second peanut cake, second wheat bran, second apple pomace and second water, and fermenting so as to obtain the compound enzyme and probiotic preparation for feed. In the method disclosed by the invention, a food-grade safe bacterial group with stable microecology is utilized for fermenting the reed and the peanut cake so as to prepare the compound enzyme and probiotic preparation for feed, which has various better performance indexes, and the low-cost and high-efficient biotransformation of the reed and the peanut cake can be realized. Simultaneously, the method disclosed by the invention has the advantages of easiness in growth of microbes, high enzyme activity, extensive fermentation process and easiness in industrial large-scale production.