Extraction method for dynamic spectrum (DS) with a high signal to noise ratio is a key to achieving high-precision noninvasive detection of blood components. In order to further improve the accuracy and speed of DS extraction, linear similarity between photoelectric plethysmographys (PPG) at each two different wavelengths was analyzed in principle, and an experimental verification was conducted. Based on this property, the method of compensation-fitting extraction was proposed. Firstly, the baseline of PPG at each wavelength is estimated and compensated using single-period sampling average, which would remove the effect of baseline drift caused by motion artifact. Secondly, the slope of least squares fitting between each single-wavelength PPG and full-wavelength averaged PPG is acquired to construct DS, which would significantly suppress random noise. Contrast experiments were conducted on 25 samples in NIR wave band and Vis wave band respectively. Flatness and processing time of DS using compensation-fitting extraction were compared with that using single-trial estimation. In NIR band, the average variance using compensation-fitting estimation was 69.0% of that using single-trial estimation, and in Vis band it was 57.4%, which shows that the flatness of DS is steadily improved. In NIR band, the data processing time using compensation-fitting extraction could be reduced to 10% of that using single-trial estimation, and in Vis band it was 20%, which shows that the time for data processing is significantly reduced. Experimental results show that, compared with single-trial estimation method, dynamic spectrum compensation-fitting extraction could steadily improve the signal to noise ratio of DS, significantly improve estimation quality, reduce data processing time, and simplify procedure. Therefore, this new method is expected to promote the development of noninvasive blood components measurement.