The invention provides organic fertilizer for promoting growth and increasing production and a preparation method thereof. The organic fertilizer is prepared from waste hot pickled tuber mustard peel,crop straw powder, bean dregs, animal waste, selenium yeast, aginomoto residue, traditional Chinese drug residue, waste molasses, scenedesmus acuminatus, a plant extract, a plant growth promoting agent, herba leonuri, biological humic acid, complex trace elements, mineral powder, a biological active bacterial agent and an additive. Through matching treatment of different organic wastes, the organic fertilizer with the effects of promoting growth and increasing production is developed, the organic fertilizer is rich in organic matter, long-acting in fertilizer effect, can accelerate resource utilization of the organic wastes as well as meet the practical growing demands of crops, improves the capability of resisting drought, coldness and disease of crops, and thus achieves the effects of promoting growth and increasing production.