The invention discloses a method for producing a protein feed by utilizing bagasse. The protein feed is prepared from bagasse, molasses, corn flour, soybean meal, bran, rice bran, Chinese medicinal materials and a composite fermentation bacterial agent. The domestication bacteria used in the method for producing the protein feed by utilizing bagasse are from nature and obtained through enrichment,screening and domestication, have super strong cellulose decomposition capability. The prepared composite fermentation bacterial agent has high fermentation efficiency and good stability, can effectively reduce the crude fiber content of raw materials such as bagasse, rice bran and the like, so the high molecular carbohydrate which is difficult to be fully digested and absorbed by animals such ascrude fiber, lignin and the like is converted into low molecular substances which can be absorbed and utilized, the digestion and utilization rate of the animals is improved, the prepared fermented feed is more comprehensive in nutrition and higher in feed conversion rate, meanwhile, the content of crude protein in the fermented feed is improved, the nutrition and palatability of the feed are improved, the use of antibiotics can be avoided in the fermentation process, and the feed is safe and environment-friendly.