The invention provides a compound feed for caged laying ducks. The feed consists of the following raw materials: corn, rice bran, soybean meal, meat and bone meal, distiller's dried grains with solubles, saccharomyces cerevisiae-fermented distiller's grains, barley, middling flour, calcium hydrogen phosphate, lysine, methionine, threonine, choline chloride, salt, phytase, a complex enzyme preparation, montmorillonite, vitamin C, multivitamins and complex trace elements. The invention adopts the combination of the saccharomyces cerevisiae-fermented distiller's grains, the meat and bone meal, the montmorillonite and the vitamin C, and takes into consideration the production and health of laying ducks, so that the laying ducks have the characteristics of comprehensive nutrients, high laying rate, stable egg production and long peak laying days. The feed can significantly improve the anti-stress ability and immunity of laying ducks, and effectively solve the problems of poor eggshell quality and high mortality and elimination rate of caged laying ducks. The invention also discloses a preparation method of the compound feed for caged laying ducks, and the method has the characteristicsof being simple in process, convenient for process parameter control and suitable for large-scale production.