The present invention relates to a method for preparing a composite extract having antioxidant and anticancer activity prepared by using root bark of Paeonia suffruticosa, Lycium chinense, and Schisandra chinensis. More specifically, the present invention relates to a method for preparing a composite extract having antioxidant and anticancer activity prepared by using root bark of Paeonia suffruticosa, Lycium chinense, and Schisandra chinensis wherein the composite extract having antioxidant and anticancer activity can be obtained by performing washing, grinding, drying, extracting, filtrating, concentrating, and freeze-drying processes by using root bark of Paeonia suffruticosa, Lycium chinense, and Schisandra chinensis as raw materials. The method for preparing a composite extract having antioxidant and anticancer activity prepared by using root bark of Paeonia suffruticosa, Lycium chinense, and Schisandra chinensis comprises the following steps: (a) mixing raw materials comprising root bark of Paeonia suffruticosa, Lycium chinense, and Schisandra chinensis； (b) washing the raw materials after step (a)； (c) drying the washed raw materials after step (b)； (d) grinding the dried raw materials； (e) transferring the resulting product of step (d) to an extractor, adding distilled water as an extraction solvent, and performing extraction； (f) selecting and mixing one or more kinds selected from a group consisting of activated carbon, diatomaceous earth, and acidic clay as filtration tank agents, adding the same into the resulting product of step (e), letting the filtration tank agents adsorbing oil and heavy metal, and performing decolorization and deodorization； (g) filtrating the resulting product of step (f) at 0.2-0.3 MPa by using a filter device； (h) concentrating the resulting product of step (g)； (i) freezing-drying a result product of step (h) at -40°C； and (j) making the resulting product of step (i) into powder by drying the resulting product of step (i).본 발명은
