The invention discloses a double strain co-immobilized fermented papaya wine and a preparation method thereof. The preparation method comprises the steps of papaya selection, cleaning, peel and seed removing, breaking, pulping, enzymolysis, centrifugation, ingredient regulating, pasteurization, cooling, immobilized saccharomyces cerevisiae and aroma producing yeast fermentation (primary fermentation), clarification, filtration, secondary fermentation, ageing, blending, filtration, ultrafiltration membrane purification, filling and finished product obtaining. According to the double strain co-immobilized fermented papaya wine and the preparation method thereof, the problems that in the papaya mature season, the amount of papayas is large, the papayas are not prone to storage, for traditional fermentation wine, operation is tedious, and strains are prone to inactivation can be effectively solved; the papayas can be used for continuously producing fruit wine on a large scale, the production cycle is shortened, the production capacity is improved, the strains can be reused, and the production cost is reduced; the obtained papaya wine has the advantages that the papaya wine is clear and transparent, the color and luster are stable and orange yellow, the fragrance of papayas is prominent, the papaya wine is rich in fragrance, soft in taste and beneficial for digestion and absorption of foods by human bodies, and the effects of invigorating spleen to promote digestion and prolonging life are achieved.