The invention relates to protein feed produced by multi-fungus fermentation with steam explosion rapeseed meal and cotton meal and a method. Rapeseed meal and cotton meal are used as main materials, meat and bone meal, straw and pomace are used as auxiliary materials, and a group of oxic liquid strain and anaerobic liquid strain are inoculated, so the protein feed is obtained. The preparation method is as follows: raw materials are delivered to a steam explosion system to be exploded, and then are released to normal pressure quickly after steam explosion; the materials after steam explosion are delivered to chelation reaction granary and cooled to 30 DEG C, and then are sterilized by microwave. The sterilized materials are delivered to a fermentation granary and the group of the oxic liquid strain is inoculated at the same time, the inoculum concentration is 5 percent, the intermittent ventilation and oxygen supplying are performed, the oxic fermentation time is between 36 and 48 hours; after the oxic fermentation, an anaerobic strain is inoculated, the inoculum concentration is 5 percent, and the sealed anaerobic culture is performed; and when the peptides content reaches 3 percent, the fermentation ends. The protein feed produced by multi-fungus fermentation with steam explosion rapeseed meal and cotton meal and the method have the advantages that toxin of miscellaneous mealis degraded completely after the steam explosion and microorganism fermentation treatment; the protein feed has flavor taste, and contains active substances, such as large amount of B vitamins, a plurality of vezyme and peptides, and so on; in addition, the protein feed has the functions of promoting growth development, resisting diseases.