The invention relates to the technical field of cultivation of flammulina velutipes, and particularly to a method for cultivating flammulina velutipes by using an aquilaria-sinensis-chip edible mushroom culture medium. The aquilaria-sinensis-chip edible mushroom culture medium used in the method is composed of the following raw materials in percentages by weight: 10-60% of aquilaria sinensis chips, 10-35% of rice bran, 0-60% of corncobs, 0-20% of cornmeal, 0-20% of cottonseed hulls, 0.5-1.5% of calcium carbonate, and 0.5-1% of quicklime. The method for cultivating flammulina velutipes by using the aquilaria-sinensis-chip edible mushroom culture medium comprises the following steps of: a, raw material treatment: accumulating the aquilaria sinensis chips outdoors for more than three months, wherein the aquilaria sinensis chips keeps wet by being regularly watered during the accumulation process; b, blending; c, bottling; d, sterilizing; e, inoculating; f, mycelium culture; g, mycelium stimulation; and h, fruiting culture management. The flammulina velutipes cultivated by the method disclosed by the invention is good in quality, high in productivity, high in single yield, high in biotransformation rate, rich in nutritive ingredients, very fragrant, sweet, fresh and tender, and has a healthcare function and a medicinal value.