The present invention relates to a method for extracting magnesium and lithium and also producing layered double hydroxides (LDH) from brine, comprising the steps of: adding an aluminum salt to brine, to prepare a mixed salt solution A for preparing MgAl-LDH; adding an alkaline solution to carry out co-precipitation, followed by crystallization; after the crystallization is complete, performing solid-liquid separation to obtain a solid product of MgAl-LDH and a filtrate; concentrating the filtrate by evaporation to obtain a lithium-rich brine, adding an aluminum salt thereto to prepare a mixed salt solution B for preparing LiAl-LDH; adding the mixed salt solution B to an alkaline solution to carry out precipitation; after the precipitation is complete, performing solid-liquid separation to obtain a solid product of LiAl-LDH and a filtrate; and concentrating the filtrate by evaporation, returning the solution concentrated by evaporation to the lithium-rich brine for recycled use. This method uses mild reaction and simple equipment, has a small loss of Li, can achieve isolation of resources from salt lakes, and can also obtain functional materials having a high added value.