Objective: To study the processing technology and formula of peanut–tea beverage, and further provide reference for the plant protein beverage. Methods: The peanut was baked in the far-infrared oven, soaked with soft water containing 5% NaHCO3, rinsed and then cooked for 30 min, milled at 0.05 mm spacing grinding, filtered and finished peanut slurry. Tea leaves were extracted twice by water of 90°C. The two ingredients were combined with other supplement, refined by colloid mill, homogenized twice, followed by bottling, sealed, sterilization, cooled and other processing. In this study, the formula, stabilizers and additives by orthogonal experiments were investigated. Results: The peanut slurry and sugar were found to be major factors which affected the beverage’s quality. The formula was optimized when the content of peanut slurry, tea and sucrose reached 75 mL, 25 mL and 4 g especially in per 100 mL peanut-tea beverage. As single stabilizer, CMC-Na showed the most significant effect, and storage temperature was found to be better at room temperature than low temperature. Compared with single stabilizer, compound stabilizer was better. The optimal formula was CMC-Na 0.4 g/L, seaweed sodium 0.2 g/L, gelatin 0.8 g/L. Conclusion: The peanut-tea beverage, with unique flavor and rich nutrients, was a novel type of health plant beverage which was suitable for a large variety of people, and had a promising market.