The present invention provides a novel pure substance extracting method. Differing from conventional pure substance extracting method utilizing chromatography technique to treat a red mold product with an extracting and purifying process by using a plurality of organic extracting solution, the present invention merely utilizes water and ethanol solution to extract the pure substances of Monascin and Ankaflavin from the red mold product. Based on experimental results, the precipitate of the substances obtained through this novel extracting method is able to contain high extraction ratio of Monascin (∼97.35%) and Ankaflavin (∼95.16%). Moreover, experimental results also prove that the novel pure substance extracting method includes the advantages of high extraction speed, high extraction efficiency, high extraction percentage, and using single organic solution.