Background and objective: The novel coronavirus named COVID-19 emerged in Wuhan, China in December, 2019 and has spread rapidly in China and around the world. The traditional Chinese medicine Compound Yuxingcao Mixture (CYM) has been recommended in recent editions of the national guideline while the underlying mechanisms are still unclear. In this study, we analyzed the effectiveness and potential mechanisms of CYM on COVID-19 based on network pharmacology and molecular docking approach. Methods: The active ingredients and potential targets of CYM were screened using TCMSP and STITCH databases. Genes related severe acute respiratory syndromes (SARS) and Middle East respiratory syndrome (MERS) were queried on the DisGeNET and MalaCards databases. CYM-COVID-19 common target protein interaction network was established by STRING database. Gene Ontology (GO) and Kyoto Encyclopedia of Genes and Genomes (KEGG) pathway enrichment analyses were conducted to generate the relative pathways based on KOBAS databases. In addition, the possible binding site of screened compounds were also predicted by Autodock vina software. Results: A total of 103 active ingredients and 205 putative targets were screened from CYM, of which 32 overlapped with the targets of COVID-19 and were considered therapeutic targets. The analysis of the network diagram demonstrated that the CYM activity of ingredients of quercetin, luteolin, β-sitosterol and kaempferol may play a crucial role in treating COVID-19 by regulating TNF, IL-6, IL-1β, etc. The analysis of molecular binding energy showed that β-sitosterol had the lowest binding energy with COVID-19 3CLpro (-8.63 kJ/mol). GO and KEGG enrichment analysis revealed that these targets were closely associated with inflammatory responses and immune defense processes. Conclusion: In summary, our study identified the potential mechanisms and targets of CYM for the prevention of COVID-19, providing directions for further clinical research.