The invention relates to the technical field of livestock breeding, and in particular, discloses a polypeptide composition, a composition for improving the livestock and poultry immune function, and a preparation method of the composition for improving the livestock and poultry immune function. The polypeptide composition is prepared from bursin peptide, thymosin and a transfer factor according to the mass ratio of (0.5-5):(0.5-5):(0.5-5). The composition for improving the livestock and poultry immune function is prepared from the following raw materials in parts by weight: 20-30 parts of B vitamins, 20-30 parts of vitamin C, 10-20 parts of the polypeptide composition, 10-15 parts of taurine, 1-2 parts of an anti-caking agent, and 40-50 parts of porous starch. The polypeptide composition and the composition can both be used as feed additives, or as pharmaceutical preparations to be added in drinking water, or as pharmaceutical preparations used for injection, have good prevention and control effects on swine fever, foot-and-mouth disease, circovirus, piglet diarrhea, Newcastle disease, mild type flu, duck liver virus disease and the like, reduce the use of antibiotics, reduce the occurrence of epidemic diseases, reduce mortality rate, and improve the immunity.