Protein malnutrition is a major concern in Bangladesh where there is a high dependence on cereal-based diets. Use of protein-calorie sources of plants like soybean and mushroom as a dietary supplement may provide a solution. This study was designed to formulate a high protein and fibre enriched soy-mushroom health drink powder, and to compare its nutritional contents with locally available health drink powders. Methods: Soy-mushroom health drink powder was developed mainly from soy flour, mushroom, germinated wheat flour, malt extract and milk powder. Three locally available health drink powders were randomly selected. Proximate and microbiological analyses and sensory evaluation were undertaken by standard methods. Data were analysed using Statistical Package for the Social Sciences (SPSS). Results: The moisture, ash, protein, fat, fibre, carbohydrate and energy contents of the developed soy-mushroom health drink powder ranged from 3.04-3.96%, 3.23-7.4%, 8.98-21.37%, 1.10-10.13%, 0.04%-1.50%, 59.93-81.58% and 363.54-416.40 kcal/100g, respectively. The soy-mushroom product had the highest content of protein, fibre, energy and the lowest content of carbohydrate compared to the other health drink powders. Based on sensory analysis, the soy-mushroom product showed high acceptability. Microbiological assessment showed the shelf life of this product to be one year. Conclusion: The soy-mushroom health drink powder was nutritionally superior to locally available health drink powders and could serve as a nutritional supplement.