The invention provides multi-element fertilizer for tobacco. The fertilizer is prepared from raw materials in parts by weight as follows: 10-25 parts of meadow peat, wood peat and lignite, 20-30 parts of special compound fertilizer for tobacco, 15-25 parts of potassium sulfate, 10-20 parts of ammonium nitrate, 10-20 parts of calcium superphosphate and 1-4 parts of medium and trace elements. The invention further provides a preparation method of the multi-element fertilizer for tobacco. The method comprises steps of crushing and mixing of raw materials, granulation, cooling and screening. The added peat and lignite contain rich humus and can regulate physical and chemical properties of soil. Through mixing with other fertilizer, the utilization rate of the fertilizer can be increased, and the requirement of the high-quality tobacco for fertilizer in the growth process is greatly met.