The invention discloses a method for preparing high-purity ursolic acid and oleanolic acid from ligustrum lucidum ait. The ligustrum lucidum ait is ligustrum lucidum ait leaf or ligustrum lucidum ait fruit. The ligustrum lucidum ait leaf or the ligustrum lucidum ait fruit is used as a raw material in the preparation method. The preparation method comprises the following steps of: removing impurities from the ligustrum lucidum ait leaf or the ligustrum lucidum ait fruit by using alkali water, boiling, extracting with ethanol, decolorizing with active carbon, regulating alkali, removing impurities, performing reduced pressure concentration to separate out a crude oleanolic acid product, regulating acid to separate out a crude ursolic acid product, and purifying the oleanolic acid and the ursolic acid by washing, re-crystallization and the like. The cheap and easily obtained ligustrum lucidum ait leaf or ligustrum lucidum ait fruit is used as a raw material, and the ethanol is used for reflux and extraction. The treatment amount of 'three wastes' is low, the 'three wastes' are easily treated, the ethanol can be recycled, and the waste residue left after extraction can be used as a fertilizer. Therefore, the method basically does not produce environmental pollution, the yield is high, and the products are pure. In addition, the method is simple, convenient, fast and suitable for factory large-scale production.