The invention discloses a method for extracting volatile oil and magnolol from mangnolia officinalis leaves. First, mangnolia officinalis leaf powder is placed in a distilling tank for steam distillation, the mangnolia officinalis volatile oil is extracted, then the magnolol is extracted by the following steps that 1. water and solid residues in the distilling tank are stirred, slaked lime is added, pH is adjusted to 9-10, stirring is carried out continuously for 30-40 min, and filtering is carried out; 2. filter residues are subjected to normal-temperature digestion by two times with lime water with pH of 9-10, the extracting liquid is combined, concentrated hydrochloric acid is used for adjusting pH of the extracting liquid to be 3-4, standing and settling are carried out, water is used for washing until neutral is achieved, constant temperature drying is carried out under the temperature of 45 DEG C, and crude extract is obtained; and 3. the crude extract and silica gel with four-time amount are mixed, petroleum ether is used for reflux extraction, extracting liquid is concentrated, cooling is carried out, after complete precipitation crystallization, filtering is carried out, and then an ethyl acetate and petroleum ether mixed solution is used for recrystallization. Comprehensive extracting of two effective components in the mangnolia officinalis leaves is achieved, the process is simple, cost is low, the extracting rate is high, and environment-protecting industrialized production can be achieved.