The annotation for large-scale point clouds is still time-consuming and unavailable for many real-world tasks. Point cloud pre-training is one potential solution for obtaining a scalable model for fast adaptation. Therefore, in this paper, we investigate a new self-supervised learning approach, called Mixing and Disentangling (MD), for point cloud pre-training. As the name implies, we explore how to separate the original point cloud from the mixed point cloud, and leverage this challenging task as a pretext optimization objective for model training. Considering the limited training data in the original dataset, which is much less than prevailing ImageNet, the mixing process can efficiently generate more high-quality samples. We build one baseline network to verify our intuition, which simply contains two modules, encoder and decoder. Given a mixed point cloud, the encoder is first pre-trained to extract the semantic embedding. Then an instance-adaptive decoder is harnessed to disentangle the point clouds according to the embedding. Albeit simple, the encoder is inherently able to capture the point cloud keypoints after training and can be fast adapted to downstream tasks including classification and segmentation by the pre-training and fine-tuning paradigm. Extensive experiments on two datasets show that the encoder + ours (MD) significantly surpasses that of the encoder trained from scratch and converges quickly. In ablation studies, we further study the effect of each component and discuss the advantages of the proposed self-supervised learning strategy. We hope this self-supervised learning attempt on point clouds can pave the way for reducing the deeply-learned model dependence on large-scale labeled data and saving a lot of annotation costs in the future.