The invention discloses a feed additive capable of decomposing mycotoxin and a preparation method thereof. The feed additive is prepared from the following components in parts by weight: 20 to 40 parts of mannan oligosaccharides, 15 to 25 parts of activated lactobacillus, 15 to 25 parts of bacillus subtilis, 20 to 30 parts of lycopene, 2 to 6 parts of aflatoxin degrading enzyme, 2 to 6 parts of zearalenone degrading enzyme, 2 to 6 parts of vomitoxin degrading enzyme, 2 to 6 parts of selenium yeast, 2 to 6 parts of polyglutamic acid, 100 to 200 parts of hydrated silicon aluminate, 10 to 20 parts of flos sophorae immaturus, 10 to 20 parts of herba taraxaci, 25 to 40 parts of pericarpium citri reticulatae, 25 to 40 parts of radix astragali, 25 to 35 parts of cassia bark and 10 to 25 parts offlos caryophylli. According to the feed additive capable of decomposing mycotoxin disclosed by the invention, through biological enteral degradation, mycotoxin in raw materials of the feed and the feed can be effectively removed, and health and safety of live pigs are ensured.