The invention relates to the field of beverages compounded by fruits and vegetables as well as flowering tea and preparation methods thereof, and provides a strawberry-flavor peony compound beverage and a preparation method thereof. The compound beverage is formed mainly by strawberries, white gourds, mung beans and a mixed extracting solution of peonies and greenish lily flowers in proportion, wherein the mixed extracting solution of peonies and greenish lily flowers is obtained in the manner that an ethanol solution with the concentration of 90 percent is adopted to be added with tartaric acid used as an extracting agent for extraction; the preparation method comprises the following steps: strawberries and white gourds are respectively juiced for standby use, then the juiced strawberries and white gourds are mixed with ground mung bean milk and the mixed extracting solution of peonies and greenish lily flowers, then high fructose corn syrup, citric acid and potassium sorbate are added into the mixture, and homogenizing, degassing, sterilization and filling are performed, so that finished products are obtained. The compound beverage provided by the invention is complete in nutrition and delicious in taste, greatly reserves respective nutritional ingredients, and has the health functions of preventing hypertension and arteriosclerosis and weight loss.