High-moisture TPP and its preparation by crushing and mixing low-temperature defatted peanut protein powder and extrusion texturizing at 60° C. to 80° C. in the feeding zone, 90° C. to 100° C. in the mixing zone, 120° C. to 160° C. in the melting zone, 90° C. to 150° C. at the cooling die, and 50° C. to 100° C. in the molding zone. Water is added online during extrusion to adjust the moisture content to 45% to 60%. The cooled product is high-moisture TPP that has a moisture content of 55% or more, bright white color, fragrant taste, abundant fibrous structure, is immediately edible, and can be used as a substitute for meat in the manufacture of chicken dices, pulled meat, vegetarian sausage and the like. The method fully utilizes raw materials, has almost no waste, is continuous, has a high process integration, and low energy consumption, and it can enhance the value of peanut protein powder.