The invention discloses a red yeast rice extract and a preparation method and a quality test method thereof. The main active ingredient of the extract is lovastatin, the content of which is more than 3 percent. The extract is prepared by subjecting a medical material of red yeast rice to extraction with an organic solvent, water decoction after the volatilization of the solvent, precipitation collection by siphonage and configuration, mixing with excipients and drying. The preparation method improves the content of lovastatin. The invention also provides a quality control method for identifying the ingredients and measuring content.