The invention discloses tobacco extract and electronic cigarette liquid. A preparation method of the tobacco extract comprises the following steps that (1), tobacco powder or/and tobacco shreds serve as raw materials, the raw materials are extracted with ethanol water with the volume fraction more than 75%, an extracting solution is concentrated to obtain ethanol extract, ethanol is used for dissolving the ethanol extract, then the ethanol extract is frozen, dissolved out, precipitated and filtered, and filter liquor is concentrated to obtain extract I; (2), the raw materials extracted with the ethanol are extracted with water, water extract is obtained, the water extract is leached with a solvent A, water phases are collected and then are used for leaching a solvent B, and organic phases are collected and concentrated to obtain extract II, wherein the solvent A is one or more of petroleum ether, normal hexane and cyclohexane, and the solvent B is ethyl acetate or dichloromethane; (3), the extract I and the extract II are mixed to obtain the tobacco extract. The tobacco extract keeps the tobacco aroma, the amount of aroma is full, no black residue exists after atomization, and no scorched flavor exists.