The invention provides modulated milk powder for improving sleep. According to the provided modulated milk powder for improving sleep, by active ingredients such as bovine whey protein concentrate powder rich in alpha-lactalbumin or sheep whey protein concentrate powder rich in alpha-lactalbumin, bovine whey protein hydrolytic peptide powder or sheep whey protein hydrolytic peptide powder, bovinecasein protein hydrolytic peptide powder or sheep casein protein hydrolytic peptide powder, human milk oligosaccharide, human probiotics, DHA, taurine and valerian extracts playing respective functions in the body, at the same time, the active ingredients play a mutual synergistic promotion role, nutrition can be supplied reasonably, and the functions of relieving mental pressure and tension, improving sleep and adjusting intestinal microecology can be also achieved. According to a preparation method of the provided modulated milk powder for improving sleep, the process is reasonable, processparameters are easy to control, the quality of a produced product is stable, and the qualification rate is high.