The invention discloses a fermented feed suitable for Huanghuai goats and a preparation method of the fermented feed. The preparation method comprises the following steps of preparing fermentation substrates, culturing bacterial liquid, performing primary fermentation, performing secondary fermentation and preparing the feed. Compared with the prior art, the fermented feed and the preparation method thereof disclosed by the invention have the following advantages that various different kinds of crop by-products are selected as raw materials of the fermented feed, so that the sources of the feed are enriched, the feed is balanced in nutrition and rich in digestible crude protein, and vitamins and trace elements are also enriched; various volatile fatty acids are contained, so that the palatability and the nutrient value of the feed are improved; different raw materials of the feed are separately treated, so that the raw materials can be fully utilized, the meat yield properties of the goats are greatly improved, the dressing percentage can reach 48.6%, fells are fine, soft, oleosus, bright, and good in elasticity, effective utilization of agricultural and by-product crops is realized, and environmental pollution is reduced.