Abstract: Polysaccharides and triterpenoids were extracted from Inonotus obliquus by ultrasonic assisted method, and formula of beverage was optimized by single factor and multi-factor experiments． Antioxidant capacity of beverage was evaluated by DPPH free radical scavenging rate． Results showed that, polysaccharides and triterpenoids were 2.5 mg/mL and 248 μg/mL respectively． Optimal formula of beverage was as follows: 35% of Inonotus obliquus extract, 10% of sugar, 0.4% of gelatin, 0.20 % of citric acid, 5% of extract of jasmine tea． DPPH free radical scavenging rate of beverage prepared by this formula was 52.12%． This beverage is caramel color, clear without precipitation, and has unique flavor of Inonotus obliquus and light jasmine fragrance, without other peculiar smell． It has good stability and antioxidant activity, and is a functional beverage with a good market development prospect．