The invention discloses a color enhancing feed for leopard coral groupers, and a preparation method of the color enhancing feed. The feed is prepared from the following components in percentage by mass: 5-30% of natural krill powder, 20-60% of white fish meal, 3-10% of yeast, 10-30% of artemia, 5-15% of turmbicula akamushi, 5-16% of hydrolyzed protein, 10-30% of high gluten flour, 5-20% of squid powder, 5-15% of spirulina, 1-5% of fish oil, 1-3% of lecithin, 1-3% of betaine, 1-2% of a vitamin mixture, 2-4% of a mineral element mixture, 1-5% of a microorganism preparation, 1-3% of a compound immunity reinforcing agent, 1-5% of copepods, 1-3% of casein, 1-3% of EPA, 1-5% of DHA, 1-5% of ARA, and 1-2% of a phagostimulant. The feed disclosed by the invention can effectively improve body color,and the problems that color is gloomy, color enhancement is difficult, and the color is liable to be light and not liable to recover under stress state are solved. Besides, according to the preparation technology, the digestibility and the absorbability of the feed are improved, nutrient elements are not destroyed, and the freshness and the food calling properties of the feed are guaranteed.