The invention discloses a product of enzymatic hydrolysis and Maillard reaction of termitornyces albuminosus namely a companion fungus of termites and applications thereof. The product is prepared by the following steps: carrying out low temperature drying, grinding, sieving, and a microwave treatment, adjusting the pH value under an ultrasonic condition to carry out protease hydrolysis, filtering, performing centrifugation, making the centrifugation product carry out Maillard reaction, and applying the Maillard reaction production to salty essence. According to the method, microwave and ultrasonic wave are used, glucose is added, and a solidification enzymatic combination technology is utilized to process termitornyces albuminosus so as to well preserve flavor, freshness, and beneficial factors of termitornyces albuminosus. The provided method has the advantages that the reaction is efficient and pollution-free, the cost is low, and the operation is convenient. Termitornyces albuminosus has a unique flavor, is fresh, and contains a large amount of beneficial components, can be used as essence, thus has a good market prospect, and can be used in different essences such as mushroom flavor essence, chicken flavor essence, shrimp flavor essence, seafood flavor essence, and the like.