The invention discloses a method for extracting grease and protein simultaneously from cereal germs, and pertains to the technical field of comprehensive utilization of agricultural byproducts. The method comprises the comprehensive utilization of technologies of reversed micellar extraction, ultrasonic-associated extraction, protein refining, grease refining, drying and so on. Cereal germs are sieved after crushing, added into reversed micellar solution, stirred or ultrasonic forward extracted and centrifugated to obtain forward extraction solution, and the forward extraction solution is processed by ultrasonic backward extraction and centrifugation, the upper layer is extracted by ethanol to remove a residual surfactant, a solvent is removed to obtain grease and after water, salt and the surfactant are removed from the lower layer, cereal germ protein product is obtained; or the solvent in the forward extraction solution is directly removed, protein in a residual solid substance is precipitated by a mixed solvent, and then washing and drying are carried out to obtain the cereal germ protein product. The method has simple technology and low cost, solves the problem that the traditional grease production causes damage to protein, improves reutilization value of cereal germ protein, and is an environmental friendly production method. The product has the advantages of high yield rate, high purity, low chemical modification and the like.