The invention discloses nougat containing matsutake and cashew and a preparation method thereof. The nougat containing matsutake and cashew comprises the following raw material components in parts by weight: 70 to 80 parts of white granulated sugar, 50 to 55 parts of maltose, 10 to 15 parts of cashew, 4 to 6 parts of hawthorn kernel powder, 15 to 20 parts of milk powder, 5 to 8 parts of cream, 5 to 8 parts of dried protein, 0.5 to 0.8 part of vanillin, 1.5 to 2 parts of edible salt, 4 to 8 parts of dried matsutake, 1 to 3 parts of cowpea shell, 2 to 3 parts of corn stigma, 2 to 3 parts of lotus plumule, 1 to 2 parts of paederiae, and 2 to 3 parts of wild buckwheat. According to the preparation method, by adding matsutake powder, nougat of different flavors is produced, the varieties of the nougat are increased, and moreover, the nutritional healthcare value of the nougat is improved. The nougat produced by the preparation method has the characteristics of being sweet in taste, sweet but not greasy, crisp and delicious, low in sugar, chewing-resistant, non-sticking and the like, is characteristic small food integrated with greenness, nature, nutrition and healthcare, and is applicable to various crowds.