Protein-based, edible chewable pet toys, such as artificial dog bones, and methods of preparing such chewable pet toys are disclosed. The chewable pet toys are made from protein-based thermoplastic composition containing plant and animal derived proteinic material and various additive and nutrient ingredients. Chewable pet toys within the scope of the present invention possess properties of conventional artificial dog bones made of synthetic polymer, such as good strength and hardness, but they are biodegradable and edible. In addition, the chewable pet toys contain vitamins, minerals, flavorings, oral hygiene additives and other ingredients to help keep teeth and bones strong and to promote the growth and health of the pet.