The invention discloses an infant formula milk powder containing lactoferrin and probiotics, and a preparation method of the milk powder. The infant formula milk powder comprises the following raw material components: 20-40% of whole milk powder, 20-45% of demineralized whey powder, 0-18% of lactose, 0-15% of maltodextrin, 5-25% of mixed vegetable oil, 0-12% of skimmed milk powder, 0-10% of whitegranulated sugar, 1-8% of whey protein concentrate, 0-0.5% of phospholipid, 0.05-0.8% of calcium carbonate, 0.25-0.69% of a compound mineral premix, 0.06-0.07% of a compound vitamin premix, 0.1-1.8% of arachidonic acid powder (AA), 0.005-1.5% of docosahexaenoic acid (DHA), 0-0.09% of inositol, 0-0.08% of L-carnitine-L-tartrate, 0.05-0.13% of L-sodium ascorbate, 0-0.3% of tricalcium phosphate, 0.01-0.1% of lactoferrin, 0.01-0.1% of bifidobacterium animalis (Bb-12), and 0.02-0.07% of nucleotides. The infant formula milk powder prepared by the method of the invention is similar to breast milk innutrient components, meets the nutritional requirements for normal infant development, effectively improves the intestinal environment of infants, and improves the immunity of the infants.