The invention discloses an ultra-low volume suspending agent containing nosema locustae and metarhizium anisopliae and used for grasshopper control as well as a preparation method of the suspending agent. The ultra-low volume suspending agent comprises raw materials in parts by weight as follows: 1-6 parts of metarhizium anisopliae spore powder, 1-10 parts of nosema locustae, 1-5 parts of a sulfonate anionic emulsifier, 0-5 parts of a non-ionic surfactant, 5-15 parts of vegetable oil, 50-90 parts of polyol and 0.001-0.1 parts of an ultraviolet protective agent. The ultra-low volume suspending agent combines nosema locustae and metarhizium anisopliae for use, so that respective defects of the nosema locustae and metarhizium anisopliae can be overcome, ideal control effect can be achieved, the flash point is high, volatilization is low, good liquidity is realized, requirements for ultra-low volume spray for the ground and an airplane can be met, phytotoxicity on plants is avoided, the environment is not polluted, the activity of spore and microsporidia can be better kept, the control effect is good, an aversion function is not produced, and antifeedant of pests is avoided.