The invention provides a method for separating and extracting a maize yellow pigment and zein from maize protein powder by using a membrane separation technology. The method comprises the steps: crushing the maize protein powder, then, mixing the crushed maize protein powder with an aqueous solution of ethanol, and carrying out ultrasonic extraction under shaded conditions; carrying out centrifugation after the ultrasonic extraction is completed, so as to obtain supernatant; carrying out membrane separation on the supernatant, so as to obtain a maize yellow pigment solution and a zein solution; subjecting the maize yellow pigment solution to vacuum concentration so as to obtain red oily liquid, i.e., the maize yellow pigment product; subjecting the zein solution to water washing, precipitating and drying, so as to obtain white solids, i.e., the zein. According to the method, the continuous extraction of the maize yellow pigment and the zein is achieved, and meanwhile, the product quality of the maize yellow pigment and the zein is improved. Compared with the existing technologies which are used for carrying out single processing on the maize protein powder, the method has the advantages that the yield of products, i.e., the maize yellow pigment and the zein is increased, the purity of the products is improved, and thus, the added value and economic benefit of the maize protein powder are improved.