Extracting nicotine from tobacco can achieve the resource utilization of waste tobacco. Therefore, this article conducted a single-factor experiment to investigate the effects of process conditions (extraction time, extraction pressure, extraction temperature, CO2 flow rate, particle size of raw materials) on the yields of nicotine and tobacco extract. In addition, using nicotine extraction rate as the indicator, extraction time, extraction pressure, extraction temperature, and CO2 flow rate as factors, an orthogonal experiment was designed to optimize the extraction process. The composition of the obtained tobacco extract was analyzed with gas chromatography-mass spectrometry. The results show that extraction temperature has the greatest impact on nicotine extraction rate, extraction time and pressure have a relatively large impact, and CO2 flow rate has the least impact. The optimal extraction conditions are as follows: extraction temperature is 65 ℃, extraction pressure is 22 MPa, CO2 flow rate is 25 L/h (based on 150.0 g of tobacco raw material), extraction time is 80 minutes, and particle size is 0.60 mm. Under the optimal conditions, the nicotine extraction rate was 97.89%, and the tobacco extract yield was 5.57%. Fourteen components were detected in the volatiles of the tobacco extract, and the main components were nicotine (52.22%), neophytadiene (10.29%), and vitamin E (6.67%). Additionally, the extract also contained phytosterols, linoleic acid, and liquidambar resin, etc. Due to high nicotine content, the extract can be used as a good raw material for nicotine purification in later stages.