Objective: This study aimed to investigate the technological conditions for the preparation of antioxidant hydrolysate of Agaricus blazei Murill and analyze the nutritional components of the hydrolysate. Methods: Papain, cellulase and pectinase were prepared in m_papain∶m_cellulase∶m_pectinase ratio of 3∶4∶4 to dissolve the fruiting bodies of A. blazei. Response surface test was used to optimize the enzymatic hydrolysis process of A. blazei. Results: The optimal conditions of compound enzyme hydrolysis were as follows: compound enzyme dosage 0.5%, pH 6.2, hydrolysis temperature 49 ℃, hydrolysis time 147 min. Under these conditions, when the concentration of A. blazei hydrolysate was 2.0 mg/mL, the DPPH radical scavenging rate was 69.15%, showing strong antioxidant activity. The protein content of enzymatic hydrolysate was （1 013.83±25.11） mg/100 mL, crude fat content was （150.17±1.21） mg/100 mL, total sugar content was （721.41±8.74） mg/100 mL, and polysaccharide content was （138.83±1.66） mg/100 mL. The content of free amino acids was （800.94±12.36） mg/100 mL, of which essential amino acids accounted for 40.22%. Conclusion: The hydrolysate of A. blazei prepared by compound enzyme method has strong antioxidant activity and high nutritional value, which can be developed as functional food.