The invention provides a schisandra extract for treating cough and relieving airway inflammation as well as a preparation method and application of the schisandra extract. The preparation method comprises the steps of with schisandra as a raw material, carrying out reflux extraction three times by using ethanol, mixing the extracting solutions, and filtering after standing to obtain an extract A, wherein each extraction operation lasts for 1-3h; decocting dregs in water three times, mixing the extracting solutions, and filtering after standing to obtain an extract B, wherein each decoction operation lasts for 1-3h; and mixing the extracts A and B, and carrying out vacuum drying to obtain the schisandra extract. The preparation method provided by the invention is simple and convenient in processing technology, and a solvent is safe, nontoxic and low in price. The schisandra extract prepared by using the preparation method has exact treating and relieving effects for cough, can be used for relieving airway inflammation and can be used for preparing drugs and/or healthcare products for treating cough and relieving airway inflammation.