The invention discloses a puffed chew. The content of water in the puffed chew is 8-14%, the grease rate of the puffed chew is lower than 4%, and the puffing rate of the puffed chew is 150-300%. Puffed pigskin or puffed split leather of cowhide is porous and fluffy in tissue structure, delicious and crispy in taste and unique in flavor, collagen is subjected to thorough degeneration, and the tissue structure becomes a porous shape, which is beneficial for making contact with the digestive enzyme. Microwave puffing is conducted instantly, so that the loss of nutrient substances is low. The invention further discloses a processing method of the puffed chew. The method comprises the steps of material selection, dehairing, soaking by adopting an acid solution, degreasing treatment, drying in the sun, primary stoving, formation, microwave puffing, secondary stoving and the like. After the animal skin is subjected to pretreatment such as soaking by adopting the acid solution, degreasing treatment, stoving and the like, the best conditions for the puffing are met.