A compound protein beverage was prepared by red bean, red rice powder, whole milk powder and peanut butte Orthogonal experiment showed that the prepared sample had the best sensory quality when it contained 3.0% whole milk powder, 3.0% red bean, 1.0% red rice powder, 1.0% peanut butter and 7.5% sugar. The stability of the product was investigated by the insulation test. The result indicated that the best formula of emulsion stabilizer was: 0.15% emulsion (50% glyceryl monostearate and 50% sugar ester), 0.05% gellan gum, 0.12% xanthan gum, 0.03% k-carrageenan, with which the product showed good sensory quality and high stability.