The invention relates to traditional Chinese medicine health care food of a rainbow conk chewable tablet and a preparation method of the rainbow conk chewable tablet. The rainbow conk chewable tablet comprises 30 to 40 parts of rainbow conk hypha powder, 30 to 40 parts of lactose, 10 to 15 parts of xylitol, 10 to 15 parts of mannitol, 5 to 10 parts of starch, 0.5 to 1 part of aspartame and 0.8 to 1.5 parts of magnesium stearate. The mass of each chewable tablet is 0.5g, and the oral administration, mouth keeping administration and chewing can be directly realized.