The invention discloses high-solubility compound protein powder and a preparation method thereof. Soybean protein isolate, whey protein concentrate and phospholipid are taken as main raw materials, stevia rebaudiana is processed into a stevia rebaudiana extract at low temperature, the effective ingredients and the bioactive ingredients of the stevia rebaudiana can be maximumly retained, the extraction rate is high, the flavor is pure, the color and cluster are natural, no licorice taste exists, the stevia rebaudiana extract is scientifically compounded with main materials, antifreeze polypeptides, dietary fiber flour, bee pupa hydrolysates and wheat malt powder are added, and then the compound protein powder which is appropriate in mouthfeel, good in solubility, comprehensive in nutrition, high in bioactivity and wide in suitable crowd is prepared. According to the preparation method, a non-thermal processing technique is adopted, the working efficiency is high, energy consumption is little, environmental friendliness is achieved, no pollution is generated, introduction of food additives and chemical auxiliaries is reduced, the food safety is effectively improved, the product quality is improved, the production cost is reduced, the low-carbon production objective is achieved, and large-scale and industrialized development can be achieved.