The effects of different peach sawdust formulas and cultivation techniques on the growth of Pleurotus ostreatus were studied to provide a basis for the resource utilization of peach sawdust. This paper used cottonseed hull and corn cob (1:1) formula as control, adopted the rod-making technique of adding 55% and 70% peach sawdust combined with clinker and fermented material of short-term high temperature (short for fermented material), to explore the physical and chemical properties of substrate, the dynamic of lignocellulose and related enzyme activities during the cultivation of Pleurotus ostreatus Huimei No.2, as well as the effects of sawdust addition on agronomic traits and quality of Pleurotus ostreatus fruiting bodies. The moisture content of the culture material with peach sawdust as the main ingredient was lost more in the later period. The pH value, ash content and nitrogen content of the fermented material were slightly higher than those of the clinker. The cellulase activity and xylanase activity of the culture material added with peach sawdust were significantly increased, and the culture material with fermented process showed higher laccase activity from full bag of mycelium to first flush stage. The single weight of Pleurotus ostreatus in the clinker process is greater than that in the fermented process. The pileus diameter in the formula of adding sawdust was greater than that in the control formula. The thickness of pileus, diameter of stipe and single longitudinal and transverse longitude had little significant change in different formulas and processes, and the S-5 formula with 55% sawdust had better agronomic indicators such as single weight, branch number, and pileus diameter. As to the formula of adding 55% sawdust, the yield of the first and second flush was higher by using clinker and fermented material. The bioconversion efficiency was 63.1% and 60.1% respectively. As to the formular of adding sawdust to 70%, the yield of the first and second flush decreased by 18.7% and 28.6% respectively. There was no significant difference in crude protein content of fruiting bodies between the two formulas, and the content range was 19%-21%. The formula of peach sawdust can significantly improve the total amino acid content of fruiting bodies, and the addition of sawdust to 70% can also significantly improve the crude fat content of fruiting bodies. The ideal yield and quality of Pleurotus ostreatus can be obtained by adding 55% peach sawdust with clinker or fermented materials of short-term high-temperature.