The invention discloses vegetable protein peptide powder and a preparation method thereof. The method comprises the steps: (1), uniformly mixing vegetable protein powder and water according to the mass ratio, and adjusting the pH value to 7.0-7.5; (2) adding a compound enzyme I, and carrying out heat preservation at the temperature of 40-50 DEG C, wherein the compound enzyme I comprises proline hydroxylase, neutral peptide chain endonuclease and trypsin; (3) after the enzymolysis is finished, heating to 92-98 DEG C, and carrying out heat preservation; (4) after cooling, adjusting the pH valueto 8.0-8.5, then adding a compound enzyme II into the vegetable protein liquid, and carrying out heat preservation at the temperature of 40-50 DEG C, wherein the compound enzyme II comprises plant proteolytic enzyme, papain and flavor enzyme; (5) after the enzymolysis is finished, heating to 92-98 DEG C, and carrying out heat preservation; and (6) after cooling, sequentially carrying out centrifugal separation, membrane separation desalination and freeze drying to obtain the vegetable protein peptide powder. According to the method, the protein peptide powder can be prepared from vegetable protein, and the tryptophan content is high.