NOVELTY - Clean production of gossypol and fatty acid by extracting cottonseed oil soap-stock, comprising: (i) neutralizing cottonseed oil soap-stock with phosphoric acid and adjusting its pH; (ii) adding extracting agent and carrying out hydrolysis, then carrying out liquid-liquid separation to obtain an organic phase and an aqueous phase; (iii) extracting the aqueous phase using an extracting agent; (iv) adding glacial acetic acid into the extract liquid to precipitate gossypol, filtering, washing and drying to obtain gossypol acetate; (v) mixing the filtrate and washing liquid, then distilling.    USE - The method is useful for clean production of gossypol and fatty acid by extracting cottonseed oil soap-stock (claimed).    ADVANTAGE - The method achieves clean production without generating wastewater, eliminates major source of pollution in cottonseed oil processing industry and enhances the utilization value of cottonseed oil soap-stock.    DETAILED DESCRIPTION - Clean production of gossypol and fatty acid by extracting cottonseed oil soap-stock, comprising: (i) neutralizing cottonseed oil soap-stock with phosphoric acid and adjusting its pH to less than or equal to 7; (ii) adding extracting agent and carrying out hydrolysis, then carrying out liquid-liquid separation to obtain an organic phase and an aqueous phase; (iii) extracting the aqueous phase using an extracting agent, mixing the resultant organic phase, adjusting the pH of raffinate to neutral using a base, concentrating the product (liquid fertilizer) and recovering the extracting agent; (iv) adding glacial acetic acid into the extract liquid to precipitate gossypol, filtering, washing and drying to obtain gossypol acetate; (v) mixing the filtrate and washing liquid, subjecting to distillation and isolating the extracting agent, acetic acid and cottonseed oil fatty acid, then recycling the recovered extracting agent and acetic acid; and (vi) directly selling the cottonseed oil fatty acid, subjecting to vacuum distillation to obtain palmitic acid, oleic acid and plant asphalt as a product to sell.