The invention relates to the field of extraction and separation of traditional Chinese medicines, in particular to an azulene structure novel compound extracted, separated and identified from the portulaca oleracea and an extraction and separation method of the azulene structure novel compound. The azulene structure novel compound of which the molecular formula is C13H18O2 is named as Oleracone B. The invention further provides the extraction and separation method of the novel compound. According to the method disclosed by the invention, decoction with water for extraction, ethyl acetate extraction, silica gel column chromatography, ODS (Octadecylsilyl) medium pressure column chromatography and SephadexLH-20 are sequentially performed, so that the azulene structure novel compound is successfully extracted and separated. The novel compound has the effects of resisting inflammation, alleviating pains and resisting tumors. The novel compound as well as salts or derivatives thereof can be used as synthesizing precursors of other compounds, and used as raw materials for developing new medicines and researching pharmacological activity, and used for preparing medicines or health products for resisting inflammation, treating pains and resisting tumors.