The invention provides a Ganoderma waste culture medium feed, which is prepared by fermenting raw materials after mixing the following raw materials by weight: 500-1,500 parts of Ganoderma waste culture medium, 50-150 parts of corn, 60-80 parts of bean meal, 40-60 parts of wheat bran, 2-4 parts of table salt and 5-15 parts of monocalcium phosphate. The invention also provides a formula for preparing a compound feed by use of the waste culture medium feed and application of the Ganoderma waste culture medium feed in animal feeding. The Ganoderma waste culture medium feed is used for feeding animals and not only can replace part of feed grain to achieve the aim of saving grain and lowering the feed cost, but also can enhance the immunity of the animals and improve the quality of meat products.