The invention provides a compound microbial agent and a microbial fertilizer, and relates to the field of microbial fertilizers. The compound microbial agent comprises bacillus subtilis XF-1, trichoderma viride, bifidobacterium, yeast, lactic acid bacteria, nitrifying bacteria, nitrogen fixing bacteria and EM bacteria. The microbial fertilizer is prepared by the following method: adding 0.5 to 5%of the compound microbial agent according to claim 1 or 2 by the weight of a fermentation bed matrix to the fermentation bed matrix to obtain a fermentation bed carrier; spreading the fermentation bedcarrier in a pigpen or a cattle housing, and raising pigs or cattle for 50 to 70 days to obtain a fermentation bed; adjusting the pH value of the fermentation bed to 6.8-7.8, then adjusting the watercontent to 55-65%, composting and drying, thereby obtaining the microbial fertilizer. The microbial species in the compound microbial agent are rationally matched, and the microbial fertilizer obtained after fermentation in the fermentation bed matrix can significantly improve the yield and quality of crops.