The invention relates to a production process method for mythic fungus cultivation by tea branches, tea and peduncle-replaced materials. The production process method is characterized in that the proportions are as follows: 33-53% of tea branches, 17-27% of peduncles, 18-48% of wheat bran, 1-2% of brown sugar, 0.5-1% of gypsum and 0.1-0.5% of calcium superphosphate. A plurality of wasted tea branches generated during the cutting process in tea garden, tea and peduncles in the tea making process are sufficiently utilized; furthermore, special inducible factors such as tea polysaccharides, vitamin, trace elements, etc. that are rich in the tea branches and tea peduncles can be utilized to produce the mythic fungus with the 1.5-2.5% of the content of the tea polysaccharides which is higher than that of the current mythic fungus cultivated by the replacing material such as tree sawdust, cotton seed shell, etc. by 24.5-35.8%; meanwhile, the tea can prompt the synthesis of extracellular polysaccharide of mythic fungus, improves the quality and medicinal efficacy of the mythic fungus, cultivates the mythic fungus by the tea branches, tea and peduncle-replaced material, increases new replacing material for the mythic fungus cultivation, prompts the development of Chinese mythic fungus production, and is beneficial to the execution of the Chinese natural forest protection engineering.