The invention relates to a compound avermectin suspension for expelling and treating parasites in livestock and a preparation method thereof. The suspension mainly overcomes the defects of complex production process, inconvenient administration, inaccurate dose, poor parasite expelling effect and the like in existing parasite expelling preparations. The suspension is mainly composed of: avermectin, praziquantel, Carbomer, citric acid, lauryl sodium sulfate, water, and a flavoring agent. The preparation method consists of: adding water into the Carbomer to make a glue solution, placing the glue solution into an emulsifying machine, then adding the citric acid, the lauryl sodium sulfate, the avermectin, the praziquantel, and the flavoring agent, and performing shearing, thus obtaining the suspension. The drug provided in the invention has the advantages of simple production process, stable quality, simple administration operation, accurate dose, and substantial parasite expelling effect.