The invention discloses Runfei Zhike white fungus lactic acid beverage, made from, by weight, 155-165 parts of white fungus, 8-10 parts of skimmed milk powder, 20-30 parts of osmanthus-scented honey, 2-3 parts of pearl micro powder, 6-9 parts of lotus root, 7-10 parts of dried longan, 0.3-0.5 of malt flavor, 4-5 parts of fritillary bulb, 20-30 parts of wax gourd, 5-6 parts of wild chrysanthemum, 25-30 parts of glucose, 0.2-0.4 part of gelatin, a proper amount of Streptococcus thermophiles, and a proper amount of Lactobacillus bulgaricus. White fungus slurry is etherified with sodium citrate during the production of the Runfei Zhike white fungus lactic acid beverage, polysaccharide molecules of white fungus are subjected to hydroxylation modification, the polysaccharide molecules are more water-soluble, and a product is better in anti-oxidative activity. The beverage made by fermenting white fungus, lotus seed and the like and mixing them with the osmanthus-scented honey has agreeably sour and sweet taste, is capable of treating cough, clearing away heart-fire and moistening lungs and also has delicious sweet taste, and a production method is simple and low in cost.