The invention provides a culture base material for cultivating agaricus bisporus by edible fungus production waste and a preparation method thereof. The culture base material comprises the following raw material and auxiliary materials: the raw material is edible fungus production waste; the auxiliary materials comprise cotton seed hull, corn cob, wheat bran, plaster, lime, urea, calcium superphosphate and sugar, wherein the culture base material comprises the following materials in percentage by weight: 15+/-1 percent of corn cob, 15+/-1 percent of cotton seed hull, 12+/-1 percent of wheat bran, 1+/-0.1 percent of plaster, 3+/-0.1 percent of lime, 1+/-0.1 percent of urea, 2+/-0.1 percent of calcium superphosphate, 0.5+/-0.1 percent of sugar, 0.5+/-0.1 percent of fermentation promoter and the balance of edible fungus production waste. The preparation method comprises the following steps of: weighing the corn cob, the cotton seed hull, the wheat bran, the plaster, the lime, the urea, the calcium superphosphate, the sugar, the fermentation promoter and the edible fungus production waste according to weight percentage; preparing; pre-wetting; mixing the raw material and the auxiliary materials; performing primary fermentation; bagging; and sterilizing under normal pressure to prepare the culture base material for cultivating agaricus bisporus. The culture base material has the advantages of rational formula, and simple and reliable preparation method; the cultivated agaricus bisporus has reliable quality, is low in cost and has good market prospect.