is the dried body of silkworm ( Linnaeus) larvae infected with . It is widely used in traditional Chinese medicine for treating convulsions, epilepsy, and hyperglycemia. In this study, and its extract were prepared. The total reducing power, hydroxyl radical scavenging and superoxide anion radical scavenging activities, as well as the α-glucosidase inhibitory activity of extract were superior to those of normal silkworm larvae extract. Among them, the IC value of extract for α-glucosidase was 5.76 mg/mL, while that of normal silkworm larvae extract was 7.0 mg/mL. Untargeted metabolomic analysis was employed to compare the material composition of normal silkworm larvae and . The results revealed 101 metabolic differences between the two groups, including a significant increase in fatty acids and their derivatives in the extract. Further separation and purification of the extract were performed using solvents of varying polarity. The chloroform fraction exhibited the highest inhibitory activity against α-glucosidase, with an IC value of 0.217 mg/mL. LC-MS further identified compounds in the chloroform fraction, suggesting that those alkaloids, fatty acids, and their derivatives may be responsible for its strong α-glucosidase inhibitory activity. This study elucidates the material basis underlying the pharmacological effects of , particularly its hypoglycemic components, thereby providing critical experimental support for its future development and application in medicine.