Chondroitin sulfate (ChS) is usually used as an oral nutraceutical supplement, and has been popular in Asia, Europe, and United States for many years. In this study, a potential and sustainable source of ChS from jumbo squid (Dosidicus gigas) cartilage was explored; ultrasound-assisted extraction (UAE) was used to extract ChS from jumbo squid cartilage. The result of mass transfer coefficients based on Fick’s law showed that UAE had higher mass transfer efficacy. The response surface methodology (RSM) combined with Box–Behnken design (BBD) was employed to evaluate the effects of the extraction parameters. The optimal conditions were extraction temperature of 52 °C, extraction time of 46 min, and NaOH concentration of 4.15%. The crude extract was precipitated by 50% ethanol, which obtained a purified ChS with 23.7% yield and 82.3% purity. The purified ChS measured by energy-dispersive X-ray spectroscopy (EDX) had a carbon to sulfur molar ratio of approximately 14:1. The FTIR, 1H, and 13C NMR confirmed jumbo squid ChS were present in the form of chondroitin-4-sulfate and chondroitin-6-sulfate, with a 4S/6S ratio of 1.62. The results of this study provide an efficient process for production and purification of ChS, and are significant for the development and utilization of ChS from jumbo squid cartilage in the nutrient food or pharmaceutical industries.