Melanin has good nutritional and medicinal value; however, its extraction rate is extremely low. This study explored the edible and medicinal fungus Inonotus hispidus fruiting body melanin (IHFM) extraction process and solid-state fermentation conditions. The results showed that the best way to extract IHFM is the compound enzymatic method, with complex enzyme 26.63 mg/g, liquid material ratio 5:1, enzymatic hydrolysis 80 min, pH 4.61, and enzymolysis temperature at 36.07 °C. The yield of IHFM was 23.73 ± 0.57%, which was equivalent to 1.27 times before optimization. The best solid medium formula was normal pH, rice 20 g per cultivation bottle, maltose 22 g/L, beef extract 4.4 g/L, carbon-nitrogen ratio 5:1, and liquid-to-material ratio 1.1:1, where the IHFM yield was 31.80 ± 1.34%, which was equivalent to 1.7 times that before optimization. In summary, solid-state fermentation and extraction optimization greatly improved the yield of melanin, provided a reference to produce melanin, and laid a foundation for the development and utilization of melanin.