The invention discloses a radio frequency watermark embedding and extracting method for CPM signal, and belongs to the field of radio frequency watermarks; the method comprises the steps of using a CPM baseband signal as a carrier signal, superimposing a watermark signal on the phase of the carrier signal according to the watermark embedding ratio so as to obtain a baseband signal, and modulatingthe baseband signal to a carrier frequency to form a CPM radio frequency signal; reducing the carrier frequency of the CPM radio frequency signal to a zero intermediate frequency, so as to obtain a baseband signal; demodulating the baseband signal, reconstructing the carrier signal phase after the carrier code element is obtained, carrying out phase unfolding on the baseband signal to obtain a signal phase, removing the reconstructed carrier signal phase from the signal phase, and obtaining a watermark signal; carrying out polar detection on the watermark signal, and demodulating the bit information contained in the watermark signal. According to the method in the invention, when the watermark bit is switched, the phase continuity of the signal is not damaged; and the system performance isguaranteed to be unchanged.