The invention discloses meal replacement powder with balanced nutrients. The meal replacement powder comprises the following components: millet, lotus roots, buckwheat, coix seeds, oat, black kerneled rice, Chinese yam, lotus seeds, yellow corn, potatoes, Chinese chestnuts, black sesame seeds, konjak, fermented black beans, Chinese wolfberry fruits, walnuts, mulberries, red jujubes, radix puerariae, olive oil, perilla seed oil, maltodextrin, whey protein concentrate, L-malic acid, L-carnitine and milk calcium. The invention further discloses a preparation method of the meal replacement powder with balanced nutrients. After the meal replacement powder is eaten for a long term, the effects of controlling postprandial blood sugar, nourishing the liver, nourishing the kidney, protecting heart and cerebral vessels, and recuperating the spleen, the stomach and large intestines can be obtained, and the nutrient and health status of people can be effectively improved and promoted.