The processing technology and its effect on stability of Tremella fuciformis cloudy drink was investigated in this study. The appropriate rehydration conditions were determined by the moisture content of T. fuciformis. The total saccharides, reducing saccharides and polysaccharides content of T. fuciformis boiled drink were examined to study the effects on of boiling time. Combining with DPPH and hydroxyl radical scavenging activity, we analyzed the oxidation stability of boiled drink at different boiling time. The appropriate choice for stabilizers and complex program were determined by single factor and uniform design with indicators, including viscosity and suspension stability. Our results indicated that the moisture content of T. fuciformis was up to 92.91% at 50 ℃ for rehydration 15 min. When boiled for 5 h, the polysaccharide content of T. fuciformis boiled drink was the highest (1 741.00 mg/L), and the DPPH and hydroxyl radical scavenging activity were also the strongest (17.84% and 12.38%). Moreover, the guar gum, CMC and gum acacia were selected as a compound stabilizer. When the optimal dosage of guar gum, CMC and gum acacia were 0.10%, 0.05% and 0.05% respectively, the viscosity and suspension stability were 23.4 mPa·s and 94.69%, and the weighted stability was 91.72%. By this processing, the cloudy drink was uniform, stable and with good antioxidant activity. Therefore, our work provides a theoretical basis for industrial production.