The invention discloses a culture medium for cordyceps militaris and a cultivation method for the cordyceps militaris based on the culture medium, and belongs to the technical field of cultivation ofedible (medicinal) fungi. The culture medium for the cordyceps militaris comprises a solid raw material and water, wherein the solid raw material comprises the following components: 70%-90% of rice, 5%-15% of sugar, and 5%-15% of wasp pupae; and a weight of the water is 1.2-1.3 times of a total weight of the solid raw material. The components of the culture medium disclosed by the invention are simple, easy to obtain, safe and non-toxic; the cordyceps militaris cultivated by the cultivation method for the cordyceps militaris based on the culture medium disclosed by the invention has a high quality and excellent quality, wherein a content of cordycepin is up to 950 mg/100g or more, the economic benefits are greatly improved, and the method has very good market promotion prospects.