The invention provides a carrot extract, which is prepared by taking carrots as raw materials, and subjecting the raw materials to dry processing, modulation treatment, solvent extraction, extracted solution concentration and other steps. The carrot extract has a liquid, paste or powder appearance. The modulation treatment method includes insolating, natural mellowing, fermentation, baking, ultraviolet treatment and ozone treatment. The carrot extract can be added as a spice or a mellowing agent into tobacco products, and can enhance the pure and mild degrees of tobacco fragrance, highlight the fresh and sweet fragrance of tobaccos, cover up offensive gas, reduce irritation and improve taste. The carrot extract can also improve the tobacco color, promote tobacco mellowing, and enhance the usability of upper tobaccos. The method involved in the invention performs modulation treatment to the carrot raw materials before extraction so as to promote the degradation conversion of saccharides, terpenoid substances like carotenoids and other fragrance precursors in carrots and the formation of fragrance, thereby significantly improving the use effects of the extract. The raw material utilization rate is high, and the process is simple. The product is free of harmful additive residue, and is safe to use.