The invention provides mixed solvent extracting lignite wax and an extraction method, wherein the mixed solvent comprises the following raw materials: 10-70 mass percent of octanol, 10-70 mass percent of methylbenzene and 10-70 mass percent of alcohols. Lignite is pelletized and then is extracted by the mixed solvent, and the lignite wax is obtained by dehydration, concentration, evaporation and dryness. The lignite wax is extracted in the innoxious environment, and the extracted solvent can be recovered, thereby the mixed solvent is safe and reliable, the extraction cost is low, the process condition during the whole extraction process is more common, the process is simple, the operation is convenient, the comprehensive processing cost is low, the processing ability is strong, and the product yield is higher; in addition, the extraction method can not produce emulsion phenomenon during the whole extraction process, and is an effective, low-cost, massive and innoxious extraction process.