The invention discloses a compound microbial fertilizer for preventing and treating take-all disease of wheat and a preparation method of the compound microbial fertilizer. The compound microbial fertilizer consists of the following raw materials: streptomyces catenulae, streptomyces albolongus, bacillus flexus, bacillus aryabhattai and trichoderma brevicompactum. The strains of the invention, on the basis of the comprehensive utilization of microbial inter-species or intra-species antibiosis, competition, hyperparasitism and bacteriolysis effects or by inducing the wheat to generate disease resistance by virtue of secondary metabolites, can generate various antibiotics, such as proceomycin, neomycin E, catenulin, diparomomycin and the like, so as to inhibit pathogenic bacteria of the take-all disease of wheat; the five strains adopted by the invention are directly separated from soil and have a rhizosphere growth promoting effect; the strains can promote reproduction and growth on crop surfaces or in plants or soil, and meanwhile, the strains can take an effect on nitrogen fixation and can promote the directional secretion of some secondary metabolites from plant rhizosphere; and the strains can enhance nutrition absorption of plants and stimulate plant growth, so that the effects of the fertilizer are achieved.