The invention provides a new cottonseed oil refining method, which comprises an exsolution step and adopts a high suction thin film evaporation manner or a high suction molecule distillation manner to carry exsolution. Optimally, in the high suction thin film evaporation manner, the high suction is 5 to 100 Pa, exsolution temperature is 60 to 80 degrees centigrade, and exsolution heating time is 10 to 30 seconds. A thin film evaporator is adopted. In the high suction molecule distillation manner, the high suction is 0.01-1Pa, the exsolution temperature is 40 to 60 degrees centigrade and the exsolution heating time is 5 to 10 seconds. A molecule distiller is adopted. The invention further provides the cottonseed oil prepared by the method. The new cottonseed oil refining method has simple and convenient technology, can carry out exsolution effectively, avoid degeneration of free gossypol, keep the color of oil low in a lower level, improve the quality and use performance of the oil and greatly reduce the manufacture cost and the refining consumption rate of the cottonseed oil. The invention is applicable to the large-scale industrial production.