The invention relates to the aspect of aquaculture, in particular to a formula and production process of an environment-friendly and pollution-free grass carp feed. The formula includes a component A, a component B and a component C. According to the mass parts, 1-40 parts of bean pulp, 1-30 parts of peanut meal, 5-15 parts of wheat meal, 5-15 parts of corn flour and 5-10 parts of fish oil are evenly mixed to form the component A, 15-30 parts of a fermented feed, 10-25 parts of clostridium alcohol protein, 10-30 parts of chicken meal, 5-10 parts of earthworm powder, 1-5 parts of a liver and bile protecting additive and 1-5 parts of a decavitamin additive are evenly mixed to form the component B, and 20-30 kg of pulverized corn straw is put into 100 kg of starch water to be heated until viscosity is realized to form the component C. The raw material ratio in the process conforms to the feeding habit characteristic of grass carps, the production process is environmentally friendly and free of pollution, and the prepared fish feed cannot contaminate water.