In this study, extraction method and decolorization as well as grease physical of the oil from the fruit of Idesia palycarpa were analyzed. The chemical compounds of the oil were separated and indentified by capillary GC-MS method. Meanwhile, the content of polyphenols from Idesia palycarpa oil were determined to provide the basis for the future development of the Idesia polycarpa Maxim. The results showed that the extraction rate by Soxhlet extraction was higher than the traditional press law, extraction rate reached 35%, while the traditional press law was 21%. Among diethyl ether, petroleum ether and n-hexane, the extraction rate by using petroleum ether with Soxhlet extraction was the highest. Through the extraction of oil, oil content of Idesia polycarpa was about 35%. Results also indicated that decolorization rate increased with the rise of the temperature, it has reached 45% while bleaching temperature up to 80℃. The main components of the oil were palmitoleic acid, palmitic acid, linoleic acid, oleic acid and stearic acid, the content of linoleic acid was the highest, up to 60%. In general, Idesia palycarpa has high oil content, and rich in linoleic acid in the oil, the results showed that Idesia palycarpa oil has considerable prospects for the development.