The invention provides a five-color Mythic Fungus powder and a production method thereof, and belongs to the technical field of foods. The five-color Mythic Fungus powder comprises 20% of red wild Ganoderma Lucidum, 20% of cyan wild Ganoderma applanatum, 15% of black wild Ganoderma capense, 15% of purple wild Ganoderma sinensis and 30% of yellow wild Phellinus igniarius. The production method comprises the following steps: checking and cleaning Mythic Fungus, crushing the cleaned Mythic Fungus, extracting the crushed Mythic Fungus with water at 90-95 DEG C for 1-6 h, filtering the obtained solution, concentrating the obtained filtrate at 90-95 DEG C, mixing, carrying out spray drying at 70-80 DEG C, and grinding the dried material to form fine powder. The production flow of the method comprises: raw material checking and cleaning, crushing, extraction, filtration, concentration, spray drying, grinding, blending, packaging, detection, packing and warehousing.