The invention relates to microbial organic fertilizer and compound fertilizer, and preparation methods thereof, belonging to the field of fertilizer production. Firstly, chicken manure, grass peat, brown sugar, carbamide, powdered rock phosphate, rice bran or wheat bran and zymocyte are proportionally mixed and then are fermented, and the microbial organic fertilizer can be prepared by adding functional bacteria to the mixture after the fermentation; and inorganic fertilizer, medium trace elements, humic acid, biologic protein and functional bacteria are proportionally added to the prepared microbial organic fertilizer, the obtained mixture is thoroughly stirred and then is processed by granulation, polishing, drying and screening, thereby obtaining the compound fertilizer. The functional bacteria include photosynthetic bacteria, lactic acid bacteria, microzyme, Gram positive actinomycetes, phosphate-solubilizing bacteria, potassium-solubilizing bacteria and nitrogen-fixing bacteria. The fertilizer prepared by the invention can effectively improve the ecology environment for the growth of crop, increase the quality of the crop, inhibit plant diseases and insect pests and kill pathogenic bacteria, and the medium trace elements contained are of many types, are sufficient in quantities and present high fertilizer efficiency; and during application, the fertilizer just needs to be applied for once, thereby saving labor power and causing no environmental pollution.