The invention provides a mulberry leaf extract rich in 1-deoxynojirimycin and a preparation method of the mulberry leaf extract. The preparation method comprises the following steps: S1, pretreatment: cleaning, drying and crushing mulberry leaves to obtain mulberry leaf powder; s2, ultrasonic treatment: adding the mulberry leaf powder into water, performing ultrasonic treatment and centrifugation, and taking supernate to obtain supernate 1 and residues; s3, performing enzymolysis treatment: adding water with the same mass as the residues, performing enzymolysis by using a compound enzyme 1, performing enzymolysis by using a compound enzyme 2, performing centrifugation, and taking supernate to obtain supernate 2; and S4, filtering, concentrating and drying: combining the supernatant 1 in the S2 and the supernatant 2 in the S3, and carrying out membrane filtration, membrane concentration and spray drying. The mulberry leaf extract obtained by the method is high in extraction rate, retains active ingredients in mulberry leaves to a great extent, has an extremely strong blood sugar reducing effect, is safe, good in quality and light in color, and has plant faint scent.