The invention discloses peony iced tea and a preparation method thereof, and relates to a beverage. The peony iced tea is a soup obtained by mixing and soaking an extracting solution of peony petals and auxiliary materials and seasonings. The auxiliary materials comprise smoked plum, hawthorn, lemon, pericarpium citri reticulatae, fructus momordicae, mulberry, honey-fried liquorice root, rhizoma imperatae, cortex cinnamomi, codonopsis pilosula, radix rehmanniae preparata, radix notoginseng, fragrant solomonseal rhizome, rhizoma polygonati, cochinchinese asparagus root, rhizoma atractylodis, radix astragali, Chinese magnoliavine fruit, radix aconiti carmichaeli, fructus evodiae, Chinese ginger, angelica sinensis and dried chufa, wherein the consumption of the peony petals accounts for 7-8 percent the weight of the auxiliary materials. An extracting solution of the auxiliary materials is prepared by drying and frying the auxiliary materials, adding water into the dried and fried auxiliary materials and decocting, and the ratio of the weight of the auxiliary materials to the volume of the extracting solution is 131g to 5000ml. The peony petals are characterized in that oil films and grease on the surface of the peony petals are removed at a low temperature. The peony iced tea disclosed by the invention is mellow and delicious, has functions of helping produce saliva and slaking thirst, nourishing liver and kidney, strengthening the middle warmer and benefiting vital energy, and the like, is suitable for being drunk by people suffering from stomach cold, is capable of warming and tonifying the stomach, and has effects of dispersing stagnation and removing stasis, resisting skin ageing, and the like.