As a concomitant of wastewater biological treatment, waste activated sludge (WAS) has become a current problem due to its huge production and potential environmental pollution. In this paper, the WAS from municipal wastewater treatment plant (WWTP) treated by the cation exchange resin (CER) method for microbial flocculant (MBF) preparation was introduced. Various influencing factors, including sludge pH, sludge concentration, CER dosage, stirring intensity, and treatment time, were systematically investigated. The MBF extracted from neutral or alkalescent sludge shows higher flocculating activity than that from acid sludge. Increasing sludge concentration is beneficial to the MBF extraction. The flocculating activity of the extracted MBF can be enhanced by increasing the stirring intensity or the added CER dose. However, with extending extraction time, the flocculating activity of the extracted MBF increases and reaches to a peak, and then hold the line on the whole. Therefore, the CER method is feasible to extract MBF from excess sludge, which could provide a new way for WAS resource reuse, as well as cut down the cost of MBF preparation.