The invention discloses a Chinese yam and walnut ice cream with effects of relieving cough and eliminating phlegm and a preparation method of the Chinese yam and walnut ice cream. The Chinese yam and walnut ice cream with effects of relieving cough and eliminating phlegm is prepared from the following raw materials in parts by weight: loquat juice 6-7 parts, tarragon 2-3 parts, dried orange peel shred 2-3 parts, turmeric 1-2 parts, chrysanthemum 1-2 parts, lily 1-2 parts, Chinese yam 200-210 parts, walnut kernels 40-50 parts, sodium carboxymethylcellulose 2-3 parts, sucrose 60-70 parts, egg 20-22 parts, milk powder 120-130 parts, cream 30-40 parts, an appropriate amount of cellulase, an ethanol solution, ascorbic acid and water. The tarragon and the dried orange peel shred are mixed, dried and ground into powder, the powder is then placed in a pan and parched, and is added with the loquat juice and mixed with the loquat juice evenly, the mixture is heated and decocted until the mixture is sticky, and the loquat juice has sour and sweet flavor, tastes good and has good effects of relieving cough and eliminating phlegm.