The invention relates to the technical field of food processing, and in particular relates to a water chestnut-agaric large meatball and a preparation method thereof. Stuffing of the large meatball is prepared from the following raw materials in parts by weight: 60-80 parts of edible livestock and poultry meat, 0.3-0.4 part of phosphate, 8-10 parts of water chestnuts, 4-6 parts of dry agaric, 0.8-1.0 part of edible salt, 0.8-0.9 part of green onion, 0.5-0.6 part of ginger, 0.7-0.8 part of dark soy sauce, 0.4-0.5 part of sesame oil, 1.5-1.8 parts of starch, 1.5-2.0 parts of breadcrumbs, 0.5-0.8 part of xylitol and 63-84 parts of water. The water chestnuts and agaric provide elastic and brittle tastes, nutritional values of the large meatball are improved, balance of vegetables and meat is realized, and the large meatball has dietary therapy and health effects. Further, the water chestnuts are soaked in a soak solution containing white granulated sugar, edible salt and citric acid to be pretreated when being used, so that browning of the water chestnuts is delayed, the texture of the water chestnuts is changed, and the elastic and brittle tastes of the water chestnuts are enhanced.