To improve the meat quality of Nei Mongol mutton and the benefits for farmers, we selected Australian salmon hybrid lambs as experimental subjects to investigate the effects of Allium mongolicum Regel powder (AMR) and yeast-fermented distiller’s grains (DGS) on their production performance and economic efficiency. The results showed that the DGS group had higher kidney index, the AMR group had better meat quality, and the economic efficiency ratio of DGS and AMR was 2.08. In conclusion, both feeds had no adverse effects on the production performance of lambs, and the DGS group had greater potential for promotion.