The invention relates to a controlled release bait material and a preparation method thereof. The controlled release bait material refers to small pills, micro-pills, microcapsules, microspheres, particles or sticks prepared from raw materials including a basic material, a feed attractant, a bonding agent, a hydrophilic high-polymer material, a water-insoluble high-polymer material, a quick-release material, a filler, a colorant, a flavoring agent and the like through a preparation means; and the controlled release bait material can be coated for improving the controlled release effect. The invention further discloses a preparation method of the bait material. The controlled release material has rapid and lasting attracting force on fishes, the fish attracting time can be adjusted according to the habit of a fisherman and the habits of fishes, the food ration and frequency of fishes are increased, the fishing success rate can be increased, the food intake of fishes in cultivation of fishes can be increased, the corrosion ratios of remnant feeds and feeds in water bodies are reduced, the utilization ratios of feeds is increased, and the water body environmental pollution is lowered. The preparation method provided by the invention is suitable for industrial production.