A milk equivalent for suckling pigs is prepared from suckling pig premix, soy oil, puffing rice meal, flour, fish meal, whey powder, bean pulp, fermented soybean meal, puffing soy flour, compound ammonia multi-elements, beer yeast powder, soy protein concentrate, poly-dipeptiven, polysaccharides, calcium hydrophosphate, mountain flour, glucose, white sugar, table salt, acidifier, 50% choline chloride, lysine, methionine, threonine, microelements, multivitamins and the like. The product is prepared through mixing preparation of the premix, pre-treatment of the raw materials, mixing of the soy oil and adding of the premix. The milk equivalent for suckling pigs has rich nutrients and can effectively improve the palatability of suckling pigs, reduce the antigenicity of raw materials, improve immunity and improve digestion and absorption ability and disease resistance, the morbidity and death rate of suckling pigs are reduced greatly, weaning weight and survival rate are increased, the utilization efficiency of feed can be improved, feed quality can be improved, and health growth of suckling pigs is guaranteed.