The invention discloses an extracting agent for purifying wet-process phosphoric acid and a method of extracting wet-process phosphoric acid by the extracting agent. The extracting agent comprises the following components in mass percent: 35%-95% of n-butyl alcohol, and 5%-65% of one of isooctyl alcohol, n-butyl ether, high-carbon ketone, aliphatic amine or quaternary ammonium salt. The method comprises the following steps of defluorinating and destaining crude wet-process phosphoric acid, and carrying out 6-10-level counter-current extraction according to a ratio of the extracting agent to crude phosphoric acid being (2-5) to 1, wherein sulfuric acid is added to a crude phosphoric acid inlet in the sixth or seventh level of counter-current extraction; and washing an extracting phase by using industrial phosphoric acid in which sodium carbonate is dissolved, re-extracting by using deionized water to obtain a re-extracting liquid, finally purifying the re-extracting liquid and performing concentration to obtain the industrial phosphoric acid. The extracting agent provided by the invention has the advantages that organic matters with close and moderate boiling points is subjected to binary compound, an extracting characteristic of a compound solvent is obvious, a property is stable, the extracting agent is easy to recycle and is reused for a long time, extraction is performed under room temperature and is energy-saving, crude phosphoric acid does not need to be purified in advance, the productive technology is simple, and the production cost is low.