The invention belongs to the cosmetics field, and particularly relates to a composition with after-sun repair, antioxidant and whitening effect and its preparation method. The composition is preparedby taking tricholoma matsutake, lucid ganoderma, tremella and other fungus drugs. The composition is prepared from, by weight, 0.5-5 parts of tricholoma matsutake, 0.5-5 parts of lucid ganoderma, and0.5-5 parts of tremella. The composition takes three nature mushroom type drug extractives of tricholoma matsutake, lucid ganoderma, tremella as main active matters; the prepared composition can be applied to skincare; compared with the independent use of tricholoma matsutake, lucid ganoderma, or tremella, the composition can obviously lighten the light injuiry of HaCaT cell induced by UVB, and has obvious skin light aging resistance; therefore, the composition has the after-sun repair effect; the composition also can effectively remove DPPH free radicals and hydroxyl radical, good antioxidantand clear anti-aging effect. The composition can obviously inhibit activity of monophenyl oxidase, inhibit generation of melanin in melanoma cell, and further play the whitening effect; therefore, the composition has clear whitening effect.