The invention relates to the technical field of feed processing and preparation and discloses a preparation method of a fermented cold-pelletized feed. The preparation method comprises the following steps: pulverizing and mixing feed raw materials and microbe concentrate enzyme protein, feeding the mixture into a cold pelletization device, and performing fermentation and pelletization; adjusting a circular mould and compression ratio matched with the cold pelletization device so as to ensure that the temperature of the mixture in the cold pelletization device increases during pelletization; and cooling the mixture when the temperature increases to 60-65 DEG C, thereby obtaining the fermented cold-pelletized feed. According to the preparation method of the fermented cold-pelletized feed, the fermentation and cold pelletization device is utilized, and the feed raw materials and the microbe concentrate enzyme protein are organically combined during pelletization so as to be subjected to rapid fermentation and enzymolysis, so that a predigesting feed is obtained. A heating device is not needed, vapor hardening and tempering pelletization is not needed, mutual friction heating between a machine and materials is directly utilized, and fermentation conditions are provided so as to rapidly realize microbe propagation and convert a macromolecular substance into a micromolecular substance, so that a predigestion function of the feed is realized.