The invention discloses an extraction separation device used for catalytic cracking clarified oil and an extraction separation method thereof, and relates to the field of devices for pretreatment of catalytic cracking oil slurry. The technical purpose is to solve the technical problem that an existing supercritical fluid extraction device is high in extraction pressure and low in extraction rate in catalytic cracking oil slurry pretreatment. The device comprises a tank body, an ultrasonicator, an ultrasonic transducer, a pressure gauge, a temperature meter, a thermal insulation jacket, an agitator blade and a microwave generator, wherein the ultrasonicator is arranged at the outer side at the top end of the tank body, the ultrasonic transducer is arranged on the inner side of the top end of the tank body, the microwave generator is arranged on the side wall of the tank body, the bottom of the tank body is provided with a solvent inlet and an inlet of an object to be extracted, and the side wall at the upper portion of the tank body is provided with a mixture outlet. The method comprises the first step of conducting feeding, the second step of conducting mixed heating, and the third step of raising the pressure to conduct extraction. Under an ultrasound and microwave effect, the extraction separation device lowers the supercritical fluid extraction temperature and pressure, shortens the operation time, and improves the extraction efficiency. The extraction separation device is used in pretreatment of the catalytic cracking oil slurry.