The invention discloses a herbal mashed potato with yam and licorice, which is prepared from the following raw materials in parts by weight: watermelon peel 18-19, sweet almond 15-20, brown sugar 3-5, yam 20-22, licorice 1.6-2, water chestnut shell 1.6-2.1, begonia root 1.2-2.1, potatoes 200-230, pork belly 100-120, salt 8-10, chili powder 3-4, pepper powder 2-3, sodium carboxymethylcellulose 2-3, 1-1.2 mol/lNaOH, selenium-enriched peanut 100-150, succinic anhydride 0.1-0.15, phosphate buffer, petroleum ether in proper amount. In the present invention, sodium carboxymethyl cellulose and peanut protein isolate undergo a glycosylation reaction to form a covalent complex that can maintain good emulsification of food at high temperatures, increase the polypeptide chain, enhance the steric hindrance effect, and simultaneously enhance the complex thermal stability.