The invention belongs to the technical field of peanut food additive and peanut beverage processing, and provides a composite emulsifying agent for peanut milk, which is formed by mixing isolated soybean protein, fatty acid monoglyceride, sucrose fatty acid ester, sorbitan fatty acid ester and sodium alga acid in a mass ratio of 1: 1: 1: 1: 1, wherein the mass percentage concentration of the composite emulsifying agent in the peanut milk is 0.05 to 0.15 percent. The invention also provides a method for preparing the peanut milk by adopting the emulsifying agent. The method comprises the following steps: low-temperature cold pressing, soaking, filtering and mixing, grinding, centrifugal separation, emulsifying agent addition, homogenizing, super-high temperature instant sterilization, canning and sealing, and high-temperature sterilization. The fat in the peanut milk prepared by adopting the composite emulsifying agent can be fully emulsified and dispersed, so the generation of a fat ring can be effectively controlled; and meanwhile the shelf life of the peanut milk can be prolonged, and adverse phenomena such as settling, elutriation, demixing and the like of the peanut milk during storage and transportation are prevented.