The invention provides a radix notoginseng extract which contains 5-10% of notoginsenoside R1, 25-36% of ginsenoside Rg1, 2.5-5% of ginsenoside Re, 30-39% of ginsenoside Rb1, 5-10% of ginsenoside Rd and at least 2% of ginsenoside Rf, ginsenoside Rh1, ginsenoside Rc, ginsenoside Rb2 and ginsenoside Rg3, wherein the ginsenoside R1, the ginsenoside Rg1, the ginsenoside Re, the ginsenoside Rb1 and the ginsenoside Rd account for 75-95% of the total weight. The invention also provides a preparation method of the radix notoginseng extract. The radix notoginseng extract prepared by the method has little impurities, the purity of the component of total saponin is higher, and especially, the components of the ginsenoside Rf, the ginsenoside Rh1, the ginsenoside Rc, the ginsenoside Rb2, the ginsenoside Rg3 and the like with very low content are purified. The medicinal preparation prepared by the radix notoginseng extract has better curative effect and higher safety.