The invention relates to a fish feed, and especially relates to a low-cost plecoglossus altivelis compound feed. The invention also relates to a preparation method of the compound feed. The compound feed is composed of the following components in parts by weight: 10 to 20 parts of soybean meal, 10 to 20 parts of peanut meal, 10 to 20 parts of cotton meal, 8 to 16 parts of strong flour, 8 to 14 parts of rice bran, 6 to 10 parts of caloglossa leprieurii, 5 to 8 parts of dry clam worm powder, 5 to 8 parts of ulva powder, 4 to 8 parts of mung bean powder, 4 to 6 parts of pea powder, 4 to 6 parts of dry carrot powder, 4 to 6 parts of potato powder, 3 to 5 parts of cordate houttuynia, 3 to 5 parts of purslane, 2 to 4 parts of rhizoma kaempferiae, 1 to 3 parts of vallisneria natans, 1 to 3 parts of saxifrage, 2 to 4 parts of shell powder, 3 to 5 parts of fish oil, and 2 to 4 parts of xanthan gum. The cost of the compound feed is low, the raw materials are green and environment-friendly, the compound is attractive to plecoglossus altivelis, and the living rate is high.