Ginkgo biloba leaf extracts have been used for centuries as drugs. However, the use of known methods of extraction of Gingko leaves containing unusually high amounts of terpene lactones or flavonoids results in the presence of an increased amount of these compounds in the extract. The present invention relates to an improved multistep method for the production of a dry extract of Ginkgo biloba leaves with a content of 22.0% to 27.0% (w/w) flavonoids, 2.6% to 3.2% (w/w) bilobalide, 2.8% to 3.4% (w/w) ginkgolides A, B and C and no more than 5 ppm ginkogolic acids. This method of production may be used successfully with Gingko leaves containing increased terpene lactones or flavonoids.