The invention provides a whole fragrance extract with a medicinal effect of reducing blood fat and a preparation method and application of the whole fragrance extract. The whole fragrance with the medicinal effect of reducing blood fat is prepared from agilawood as a raw material generated by using a 'whole fragrance extraction technique' through extraction, concentration and drying. Research shows that the whole fragrance extract has a remarkable blood fat reduction function, can be used for preparing medicines or health products for reducing blood fat, and has great practical significances for further comprehensive medicinal material utilization and development of medicinal material economy in the south of the Five Ridges.