The invention discloses a method for preparing superfine dyeable polypropylene fiber by a sea-island composite spinning method. The method comprises the following steps: (1), copolyester additive is prepared through the method of combining melt phase polycondensation and solid phase polycondensation; (2), the additive, compatilizer for polyolefin elastomer to graft multiple monomers, and polypropylene resin are subjected to melt-blending granulation in a double-screw extruder, and the dyeable modified polypropylene resin with the dispersed phase grain diameter less than 1 mum is prepared; and (3), the dyeable modified polypropylene resin prepared in the step (2) is used as island, alkaline solubility polyester is used as sea, and the sea-island composite processing is carried out; and the fiber is subjected to decrement by the later alkali, and the superfine dyeable polypropylene fiber with the monofilament fineness less than 0.2dtex is prepared. According to the superfine dyeable polypropylene fiber prepared by the method, the thermostability is high, the spinning processability is good, and fabric woven by the fiber has the superior properties of lightness, mildness, breathability and warm keeping, and is particularly suitable for high-grade bedding, high-grade underwear and the like.