The invention relates to a method for preparing a growth promoter for edible fungi and application thereof. The method comprises the following steps of: dissolving, complexing, drying, mixing, and smashing the following components of raidx astragali leaching liquor, alginic acid, EDTA-Na, chitosan, fulvic acid, gibberellin, FeSO4, Zn SO4, LaSO4, CeSO4, KH2PO4, borax, Na2Mo2O4, ammonium polyphosphate, vitamins of B family and the like to obtain a mixture. The mixture has the advantages of rapid promotion of the edible fungi growth, enlargement of the fruiting bodies, accelerated growth, high performance of degrading and utilizing nutrients, improvement on stress resistance and disease resistance, yield increase, quality improvement, and nutrient value enhancement after the mixture is sprayed on fruiting bodies of the edible fungi.