OBJECTIVE： To study the effect of HP-β-CD on solubility of 1，8-oxido-p-menthane in volatile oil of magnoliae flos， and optimize the extraction technology of Xinzhi nasal drops. METHODS： Steam distillation method was adopted to extract the volatile oil in magnoliae flos. Using the content of 1，8-oxido-p-menthane in volatile oil of magnoliae flos as index， HPLC was adopted to determine the effects of HP-β-CD with different concentration on solubility of 1，8-oxido-p-menthane in volatile oil of magnoliae flos. Using the comprehensive scores of imperatorin and extract yield as indexes， orthogonal test was used to optimize the amount of ethanol， volume fraction and extraction time in extraction technology of Xinzhi nasal drops. Verification test was carried out. RESULTS： 50％ HP-β-CD aqueous solution can improve the solubility of 1，8-oxido-p-menthane to 7.6 times. The optimal extraction technology of Xinzhi nasal drops was as follow as 10-fold 80％ ethanol， extracting twice， 1 h every time. In verification test， the average content of imperatorin was 0.078％ （RSD＝2.01％， n＝3）， and extract yield was 10.80％ （RSD＝1.85％， n＝3）. CONCLUSIONS： HP-β-CD shows good solubilization effect on the 1，8-oxido-p-menthane in volatile oil of magnoliae flos， and the optimized extration technology for Xinzhi nasal drops is feasible.