The invention discloses novel tilapia feed produced from cassava lees through microbial fermentation and a preparation method of the tilapia feed and belongs to the technical field of tilapia feed processing. The feed is prepared from raw materials in parts by weight as follows: 75-93 parts of dry cassava lees filter cakes, 18-35 parts of pure insect pulp albumen powder, 12-18 parts of earthworm powder, 22-36 parts of soybean meal, 17-24 parts of peanut meal, 2.5-4.5 parts of a phagostimulant and 3.2-5.8 parts of a traditional Chinese medicine preparation through drying, crushing, sieving, mixing, granulation, drying, sterilization and other steps. The feed integrates efficacy of multiple traditional Chinese medicines and can have functions of resisting bacteria, diminishing inflammation, clearing heat, removing toxicity, enhancing the immunity of a body and the like. The feed is well absorbed by tilapia, the death rate of the tilapia suffering from streptococcicosis can be effectively decreased, and the culture risk is reduced. The feed is reasonable to prepare, contains rich nutrients and can increase the feed intake of the tilapia suffering from streptococcicosis, increase the growth speed and shorten the growth cycle.