The invention discloses a high-phosphorus high-potassium controlled-release fertilizer for peanuts and a preparation method of the high-phosphorus high-potassium controlled-release fertilizer, belonging to the technical field of fertilizers. The high-phosphorus high-potassium controlled-release fertilizer comprises the following raw materials in parts by weight: 20-30 parts of urea, 60-80 parts of diammonium phosphate, 30-40 parts of potassium chloride, 8-10 parts of magnesium ammonium phosphate, 8-10 parts of potassium feldspar, 1-2 parts of boric acid, 1-2 parts of ferrous sulfate, 1-2 parts of manganese sulfate, 1-2 parts of zinc sulfate, 1-2 parts of sodium molybdate, 5-10 parts of traditional Chinese medicine additive, 8-10 parts of gypsum powder and 20-30 parts of urea formaldehyde. When being used, the traditional Chinese medicine additive is decocted to form a traditional Chinese medicine extracting solution by adding water; the urea formaldehyde containing Chinese herb extracts serves as an envelope, and the gypsum powder is adhered outside the envelope; and the other raw materials are wrapped in the envelope. After being fertilized for one time, the high-phosphorus high-potassium controlled-release fertilizer meets the requirements of crops on nutrients such as nitrogen, phosphorus, potassium, calcium and sulfur in the entire growth period. Meanwhile, the high-phosphorus high-potassium controlled-release fertilizer can be used for increasing the setting ratio and the yield by above 15% and meanwhile greatly reducing the occurrence rate of stem rots, root rots and the like of peanuts.