The invention discloses an extraction method of spirulina phycocyanin. The extraction method comprises the following steps: crude cell disruption, salting out, double-aqueous phase extraction and ultrafiltration, and is characterized in that the cell disruption step comprises the following steps: adding functional protein peptide in algae liquid, selecting a sodium phosphate buffer solution as an extraction solvent, and carrying out repeated freezing and thawing and centrifugation to obtain supernate as a crude protein extract. By adopting the extraction method, the problem of low protein extraction rate caused by low sporoderm-broken rate in the prior art is solved; the phycocyanin extracted by the extraction method provided by the invention can improve the activity of lymphocytes, comprehensively strengthens the disease prevention ability and the disease resistance ability of an organism by improving the organism immune function by a lymphatic system, also has excellent functions of oxidation resistance, radiation resistance, anti-inflammation and bacterium inhibition, and can be used in the field of feed or beverages. The extraction process of the spirulina phycocyanin is simple, is strong in operability and low in production cost, and can be used for producing the spirulina phycocyanin in batch.