The invention discloses an extract and a preparation with functions of improving sleep and regulating immunity, and a preparation method. The extract is prepared from the following raw materials in parts by mass: 40 to 60 parts of spina date seeds, 10 to 20 parts of glossy ganoderma, 10 to 20 parts of fructus alpiniae oxyphyllae and 6.5 to 10 parts of Chinese magnoliavine fruits. The preparation method comprises the following steps of mixing the spina date seeds, the fructus alpiniae oxyphyllae and the Chinese magnoliavine fruits, crushing and sieving to obtain mixed powder of the spina date seeds, the fructus alpiniae oxyphyllae and the Chinese magnoliavine fruits; crushing the glossy ganoderma and sieving to obtain the glossy ganoderma powder; carrying out reflux extraction on the mixed powder of the spina date seeds, the fructus alpiniae oxyphyllae and the Chinese magnoliavine fruits with an ethanol solution, and concentrating to obtain a concentrated solution I; carrying out reflux extraction on the glossy ganoderma powder with water, and concentrating to obtain a concentrated solution II; and mixing the concentrated solution I with the concentrated solution II, and further concentrating to obtain the extract. The extract and additives are mixed and prepared to obtain the preparation with functions of improving sleep and regulating immunity. According to the invention, the formula is simple, the medicinal materials are medicinal and edible and almost have no side effects, and the quality is easy to control.