The invention discloses a euphausia superba oil extraction method. The method comprises carrying out enzymatic hydrolysis on euphausia superba processing by-products as raw materials, carrying out filtration, carrying out centrifugation treatment, carrying out freeze drying to obtain lipoprotein powder rich in euphausia superba oil, carrying out three-stage countercurrent extraction on the freeze-dried lipoprotein powder through ethanol as an extraction solvent, removing the filter residues, and carrying out evaporation to remove the solvent so that the crude euphausia superba oil rich in phosphatide and astaxanthin is obtained. The euphausia superba oil extraction method prevents by-product waste-caused environmental pollution, produces a euphausia superba oil product with high added value and improves a return rate of investment of the euphausia superba industry.