The invention discloses a method for extracting elastin peptide, belonging to the technical field of extraction of bioactive substances. The method comprises the steps of removing impurities such as fish meat from fish cartilage, washing and mincing, and soaking in an ethanol solution; adding a Tris-HCl buffer solution, and carrying out ultrasonic treatment; adding elastase, and performing shakingculture in a constant temperature water bath; carrying out suction filtration on enzymatic hydrolysate after enzyme deactivation, discarding filter residues, and collecting filtrate; enabling the filtrate to be subjected to primary ultrafiltration, and collecting permeate; enabling the permeate to be subjected to secondary ultrafiltration, and collecting ultrafiltrate; dialyzing and desalting theobtained ultrafiltrate, carrying out rotary evaporation, and carrying out freeze-drying to obtain the elastin polypeptide. The method for extracting the elastin peptide is simple and rapid, high in extraction rate and low in cost. The prepared elastin polypeptide is strong in reducing power, is capable of effectively scavenging free radicals, is good in antioxidant effect and can significantly increase the content of collagen peptide in the skin. The method has a wide application value in the industries of food, cosmetics and medicine.