The invention provides a color enhancing feed for guppies, and a preparation method of the color enhancing feed. The color enhancing feed is prepared from the following components by mass percent: 45-50% of fish meal, 10-20% of corn flour, 10-15% of soybean meal, 5-8% of yeast powder, 10-12% of starch, 2-3% of fish oil, 5-8% of flour, 0.5-0.8% of multivitamins, 1-1.2% of minerals, 0.01% of xanthophyll and 0.01% of astaxanthin. According to a formula of the color enhancing feed for the guppies, the yeast powder is added into the feed, so that the growth and development of the guppies are promoted; the starch and the flour are added into the feed, thus not only providing energy for the guppies, but also playing a role of an adhesive in a granulating process of the feed; the xanthophyll is added into the feed, so that the activity of digestive enzyme is improved, and the feed is promoted to be digested; the astaxanthin is added into the feed, thus not only enabling the appearance of the guppies to be brighter, but also reducing the morbidity of the guppies and enhancing the stress resistance of the guppies; furthermore, the xanthophyll is combined with the astaxanthin, so that the effect of enhancing the color of the guppies is more obvious.