In order to better explore the use of mango peel, this study involves pre-treating mango peel and combining it with Ganoderma lucidum and hawthorn to produce a compounded health tea. Sensory evaluation, polysaccharide content, and total flavonoid content were used as indicators to explore the effects of single factors such as the mixing ratio of mango peel to Ganoderma lucidum (w:w), the number of blanching times for mango peel, and the ripeness level of mango peel on the sensory quality and health benefits of the compounded tea. Based on the results of single-factor experiments, an orthogonal experimental design was adopted with sensory score as the main evaluation index to determine the optimal processing conditions. The results showed that the best formulation for mango peel compound health tea was a mango peel to Ganoderma lucidum ratio of 6:4, two blanching treatments, and mango peel at 70%–80% ripeness. Under these conditions, the total flavonoid content of the tea reached 19.6 mg/g, the polysaccharide content was 4.62 mg/100g, and the tea water was cool, clear, mellow, and sweet.