The invention belongs to the technical field of peanut food deep processing and relates to a formula of peanut paste, which is characterized by comprising pulverized skimmed peanut protein particles, pulverized soybean, pulverized garlic, additive, stabilizer and emulsifier, wherein the mass ratio of the skimmed peanut protein particles to the soybean to the garlic is 10:2:1; and the additive, the stabilizer and the emulsifier account for 1.5 percent, 0.2 percent and 0.1 percent of the mass of the mixture of the peanut protein, the soybean and the garlic respectively. The invention also discloses a preparation method of the peanut paste. The peanut paste prepared by the method has the advantages of preventing the paste from separating from fat and oil, along with fine mouthfeel, pure flavor, high stability, long quality guarantee period and the like. Meanwhile, the peanut paste offers a very excellent mouthfeel and can be spread easily. The production method of the peanut paste is simple and the production cost of the peanut past is low, so the peanut paste is suitable for industrial production and can create obvious economic and social benefit.