Two brothers, Wenlin and Wencai, have been accused by police of shooting the panda in the southwestern province of Yunnan in December, China's official Xinhua news agency reported.
The brothers admitted that they sold the meat and the feet of the panda for about $750 (£492). Meanwhile, another man, Li Kequan, said that he resold it later to six more people.
Chinese police found 10 kg of meat last December, which DNA tests showed belonged to an adult female panda.
This case has provoked a strong reactıon in China, with the public taking to social media to express their repugnance at the crime.
Anyone caught hunting pandas in China faces a long jail sentence
The investigation of the three men accused of killing the panda is being carried out by a court in Yunnan and they have been remanded for prosecution.
Pandas, or Giant Pandas, are an endangered species. They are the rarest member of the bear familty and are adored the world over and considered as a national treasure in China. The panda also has a special significance for the World Wildlife Fund.
Pandas generally live in bamboo forests high in the mountains of Western China.