The invention belongs to the technical field of healthcare beverages, specifically relates to a water chestnut-peanut milk compound beverage and furthermore discloses a preparation method of the water chestnut-peanut milk compound beverage. The water chestnut-peanut milk compound beverage is prepared from the following raw materials in parts by weight: 10-14 parts of water chestnuts, 5-8 parts of peanuts, 2-4 parts of honey, 3-5 parts of rock candies, 80-100 parts of purified water, 7-14 parts of a functional sweetening agent, 0.6-1.2 parts of a thickening agent and 0.1-0.5 part of an emulsifier. The water chestnut-peanut milk compound beverage integrates the nutrition and healthcare characteristics of the water chestnuts and the peanuts, perfectly combines the unique fresh and sweet taste of the water chestnuts and the mellow and strong flavor of the peanut protein, reconciles the flavors of the water chestnuts and the peanuts so as to make the taste unique, and has the healthcare functions of tonifying the spleen, moistening the lung, clearing the heat, reducing the phlegm, promoting the secretion of saliva or body fluid, moistening the dryness, strengthening the brain, tonifying the mentality, improving the memory and reducing the cholesterol.