The invention discloses a preparation method of a mushroom ferment beverage with effect of improving immunity, and belongs to the technical field of food beverages. According to the method disclosed by the invention, mushrooms and/or medicinal plants, fruit and ginseng are adopted as raw materials. The method comprises the following steps: slicing, chopping or crushing the raw materials; uniformly mixing the sliced, chopped or crushed raw materials so as to obtain a mixture; after adding sugar in the mixture, fermenting the mixture in ferment microorganisms; adding sugar when the sugar content is lowered; continuing fermentation so as to obtain the mushroom ferment beverage. According to the method disclosed by the invention, ferment bacteria can regulate intestinal flora and generate SOD (superoxide dismutase), so that the raw materials can be successfully fermented; the prepared ferment beverage contains protease, lipase, SOD, pectinase, lucid ganoderma, cauliflower fungus, pleurotus eryngii polysaccharide, rare ginsenoside, Rb2, C-K and the like. According to the method disclosed by the invention, the fermentation liquor and mycelium of the mushrooms can be directly used for fermentation; compared with sporophore, the raw materials are easier to obtain, and the method has the advantages of being short in fermentation cycle, easy in formula, simple in fermentation process, and the like.