The feature extraction of a point cloud fragment model is the basis of fragment splicing, which provides the technical support for research on the segmentation, splicing, and restoration of fragment surfaces. High-quality feature extraction, however, is a complicated process due to the diversity of the surface information of a fragment model. For this subject, a high-efficient point cloud feature extraction method was proposed to address a new method for extracting feature lines. First, the projection distance feature of the point cloud model was calculated to identify the potential feature points. Furthermore, the local information of the possible feature points was used to construct the adaptive neighborhoods for identifying the feature points based on neighborhoods of the model. The clustering fusion of the feature points was proposed according to the discrimination threshold values of the feature points. Finally, the Laplace operator was utilized to refine and connect the feature points to form smooth feature lines. The experimental results showed that the proposed method was automatic, highly efficient, and with good adaptability that could effectively extract the detailed features and construct the complete feature lines. Moreover, results showed that the provided framework could extract the features of simple structure models and be feasible to a certain extent for fragment models with abundant features.