The invention provides a preparation method and application of radix astragali saponin. The preparation method of radix astragali saponin comprises the following steps: (1) adding water to radix astragali, extracting by decoction, filtering, and concentrating the filtrate; (2) adding ethanol to precipitate, and standing; (3) recovering the ethanol from the supernatant, diluting with water, injecting into macroporous adsorbent resin columns, and sequentially eluting with water, a 20% (volume / volume) ethanol water solution and a 70% (volume / volume) ethanol water solution; and (4) removing the ethanol in the eluent of the 70% (volume / volume) ethanol water solution, and drying to obtain the radix astragali saponin. The research indicates that the radix astragali saponin can activate the vascular endothelial cell NO-cGMP system, inhibit the calcium influx of vascular smooth muscle cells, and open the K[Ca] and K[ATP] channels, thereby relaxing the smooth muscles, especially vascular smoothmuscles; and therefore, the radix astragali saponin has an obvious function of vasodilatation, and is suitable for preventing and treating cardiovascular diseases, such as lowering the blood pressure, resisting angina pectoris and the like.