The invention discloses an edible mushroom bag based on a walnut shell/dreg and a preparation method and application thereof. The mushroom bag is prepared from the following components in parts by mass: 100 parts of walnut shell/dreg complex, 0.1 to 0.5 part of urea, 0.1 to 1 part of superphosphate, 1 to 2 parts of gypsum and 150 to 160 parts of water; the walnut shell/dreg complex is prepared from the following components in percentage by mass: 30% to 50% of walnut shell, 30% to 50% of walnut dreg, and 10% to 20% of maize straw, and the total mass percentage of the components is 100%. The walnut shell and the walnut dreg, which are by-products in production of walnut milk, are used for comprehensively developing a novel edible mushroom bag, so that the value-added exploitation of the by-products is realized, and the resources are efficiently converted; moreover, the novel mushroom bag is better in substrate nutrition and permeability, thereby facilitating mycelial growth, increasing the fruiting rate, shortening fruiting time, and significantly shortening the production cycle.