The invention discloses an efficient adsorption and catalysis bifunctional mycelium material preparation method, which comprises: preparing a culture medium from glucose, peptone and yeast leaching powder; preparing mycelium-graphene oxide, carrying out centrifugal stirring, and carrying out constant-temperature culture; adding a titanium dioxide nanometer material and hydrazine hydrate into the prepared mycelium-graphene oxide, carrying out constant-temperature centrifugation and uniform stirring the titanium dioxide nanometer material, the hydrazine hydrate and the mycelium-graphene oxide, and carrying out constant-temperature culture; carrying out evaporating concentrating on the adsorption and catalysis bifunctional mycelium material, washing, and drying; and irradiating the adsorptionand catalysis bifunctional mycelium material by using gamma rays. According to the invention, the prepared bifunctional material has good degradation effect on organic matters in radioactive wastewater, has remarkable adsorption effect on heavy metal elements, and has advantages of energy conservation, high efficiency, easy recovery and good engineering prospect.