Abstract: In order to make an effective use of blanching liquid nutrients, the technology of spray drying for Stropharia rugoso-annulata Farlow was studied. With response surface analytic method, the hot air temperature, atomization pressure and total solid content were investigated in central composite design to optimize spray drying parameters. Results showed that the maximized drying efficiency obtained with processing parameters of hot air temperature 172℃, atomization pressure 92 MPa and total solid content 15%, respectively, in addition to β-CD adding amount 15%, injective flow 10 mL/min and feeding temperature 70℃. Under these conditions, the spray dried powder yield efficiency was 60.26%, antioxidant retention rate was 83.92%, moisture content was 3.2% and powder dissolving time was 65 s. The results can provide practical information for the utilization of Stropharia rugoso-annulata blanching liquid in nutraceutical sources.