The invention discloses a method for preparing fish cream by using low-value red meat fish. The method comprises the following steps of pretreating raw material fish; collecting fish meat and rinsing with ice water; continuously treating the rinsed fish meat by sequentially using peroxidase and a degreasing enzyme; ultrasonically extracting and centrifugally filtering to obtain a primary fish cream product; adding auxiliary materials such as edible salt, newtol, white sugar and composite phosphate into the primary fish cream product to obtain a finished fish cream product. According to the method disclosed by the invention, an enzyme engineering technology is adopted and combined with ultrasonic treatment to effectively decolorize and degrease the low-value red meat fish so as to effectively dissolve out and remove pigments and grease, so that the technical difficulties of preparing the fish cream by using the low-value red meat fish can be solved, fish cream suitable for production of a minced fish product can be researched and developed, and the comprehensive utilization methods of the low-value red meat fish are widened.