The invention provides a preparation method and application of salvia miltiorrhiza and panax pseudo-ginseng leave extract. The method uses panax pseudo-ginseng leaves and salvia miltiorrhiza as raw materials, and the panax pseudo-ginseng leaves and salvia miltiorrhiza are subjected to extraction by alkaline water, alcohol precipitation, concentration and drying, so as to be prepared into the salvia miltiorrhiza and panax pseudo-ginseng leave extract. The salvia miltiorrhiza and panax pseudo-ginseng leave extract has the effects of regulating blood lipids, improving minicirculation, resisting anoxia and the like, can be applied to the production of health care products, functional tea and food, can further be applied to the production of drug, and is used for preventing and treating a cardiovascular disease.