The invention discloses a method for producing edible oil by using fruit pits of elaeagnus angustifolia as a raw material. A subcritical extraction process is used for oil extraction, and the extracted crude oil is refined, so that the requirements of the edible oil are met. The high-quality edible elaeagnus angustifolia oil obtained by refining has an acid value of less than 0.2, and the contentsof unsaturated fatty acids such as oleic acid, linoleic acid and linolenic acid in the edible elaeagnus angustifolia oil are 94.9% or above; the edible elaeagnus angustifolia oil is rich in natural antioxidant active components such as vitamin E and phytosterol, and the product quality is in line with the edible vegetable oil hygiene standards of GB2716-2018 of China. The method provided by the invention has the advantages of being non-toxic, harmless, environmentally-friendly, non-polluting and non-thermal processing, maintaining the active ingredients of an extract not to be destroyed or oxidized, being large in productivity, realizing industrial large-scale production, being energy-saving, low in operating cost and easy in product separation, and the like.