The invention discloses crocodile meat protein antioxidative peptide powder which belongs to the field of functional food. The invention further discloses a preparation method of the crocodile meat protein antioxidative peptide powder, comprising the following steps: grinding crocodile meat into a meat paste, then adding water and conducting homogenate; adding compound protease according to a weight ratio of the compound protease to the crocodile meat paste being 1:500-1000 to conduct enzymatic hydrolysis reaction, wherein the compound protease comprises papain, AS1398 neutral protease and flavourzyme; and carrying out centrifugation and filtration on the hydrolysate, and drying the filtrate. According to the invention, the crocodile meat protein antioxidative peptide powder disclosed herein has strong antioxidant property, excellent processing characteristics, high dissolvability, and high emulsification activity; in addition, the crocodile meat protein antioxidative peptide powder disclosed herein is prepared by using the food-grade compound protease, thus the organoleptic properties are excellent, the enzymatic hydrolysis product is creamy white, the whole color is consistent, and there is no foreign odor; and the safety is high, and the cost is low.