A method for extracting optical parameters of plastics materials based on terahertz time domain spectroscopy is presented. The transmission-type Terahertz Time-Domain Spectroscopy(THz TDS) system is adopted to detect the refractive index and extinction coefficient on different plastic materials. Then the corresponding spectral information is obtained by Fourier transform of the terahertz time domain waveform of the sampling points, including the corresponding amplitude and phase information of the waveform. The optical parameter extraction model is built. By using the simplex optimization method, the curves of the refractive index and extinction coefficient for the plastic material are obtained. The experimental samples are made of different plastic parallel plate materials. The experimental results show that the optimization of optical parameters can improve their extraction accuracy, and the error of refractive index is ±0.005. Extraction technology with the simplex optimization method of optical parameter based on THz TDS can help to extract the optical parameters of engineering plastics. It is of great significance for the research of terahertz nondestructive testing.