The invention relates to a yarn spinning technology for multi-fiber semi-worsted melange yarn and the yarn prepared with the technology. The technological steps of the yarn mainly comprise raw material treatment, cotton carding, drawing, roving, spinning, self-spooling, doubling, two-for-one twisting and packaging of a finished product. Raw materials comprise mercerized wool fiber, nylon fiber, viscose fiber and cashmere wool fiber. The problems of high probability of water shrinkage and pilling of wool are solved with a more environment-friendly method, meanwhile, nylon, cashmere wool and viscose ingredients are added, and the heat retention property, the elasticity, the durability and the comfort degree of the product are increased; the production cost is lower, the prepared yarn has the characteristics of shrink resistance, good anti-pilling effect, natural luster, bright color, good elasticity, smooth hand feeling, heat retention and the like.