The invention relates to the technical field of special feed for young animals, in particular to a compound feed for suckling pigs without animal proteins and a preparation method thereof. The compound feed is prepared from, by weight, 50.3-70.5 parts of corn, 12-18 parts of soybean meal, 8-12 parts of expanded whole fat soybeans, 3-8 parts of fermented soybean meal, 1.5-2.0 parts of calcium hydrogen phosphate, 0.5-1.2 parts of stone powder, 1.2-2.0 parts of soybean oil, 0.3-0.5 part of sodium chloride, and 3-6 parts of a premixed feed, wherein in the fermented soybean meal, the content of small peptides is 20 wt% or above, the content of beta-conglycinin is less than 12mg / g, the content of soybean globulin is less than 20mg / g, the content of stachyose is less than <0.5 wt%, and the content of raffinose is less than 0.5 wt%. By replacing the fish powder in the original formula with the fermented soybean meal, the dependence of the compound feed for the suckling pigs on animal raw materials is reduced under the condition of maintaining the animal growth performance of the original feed, and therefore, long-term stable formulation cost and product quality can be ensured.