The invention provides an extracting solvent, a method for treating waste based on the same and application of the method. The extracting solvent is prepared from halogenated hydrocarbons and alkanes. The method comprises the following steps: mixing and stirring the extracting solvent with oil-containing waste; then separating solid-liquid phases through centrifuging; pouring a separated solid phase into a distillation device for heating and drying, and recycling water and the extracting solvent in the solid phase; pouring a separated liquid phase into the distillation device, and recycling the water, oils and the extracting solvent. According to the extracting solvent, the method and the application, provided by the invention, the problems that an oil-containing waste treatment technology in the prior art is narrow in application range, high in energy consumption, complicated in technology, high in cost, easy to cause secondary pollution and the like are solved; the extracting solvent, the method and the application, provided by the invention, have the advantages that not only can oil-based drillings generated during a drilling process be treated, but also oil-containing sludge generated during oil field exploitation and transportation can be treated, recycling and reutilization of the oil and the extracting solvent can be realized, a technological process is relatively simple, the extracting efficiency is high, centralized treatment is suited, harmlessness and reclamation can be realized, the secondary pollution cannot be caused, and the like.