The common spatial pattern (CSP) is a very effective feature extraction method in motor imagery based brain computer interface (BCI), but its performance depends on the selection of the optimal frequency band. Although a lot of research works have been proposed to improve CSP, most of these works have the problems of large computation costs and long feature extraction time. To this end, three new feature extraction methods based on CSP and a new feature selection method based on non-convex log regularization are proposed in this paper. Firstly, EEG signals are spatially filtered by CSP, and then three new feature extraction methods are proposed. We called them CSP-wavelet, CSP-WPD and CSP-FB, respectively. For CSP-Wavelet and CSP-WPD, the discrete wavelet transform (DWT) or wavelet packet decomposition (WPD) is used to decompose the spatially filtered signals, and then the energy and standard deviation of the wavelet coefficients are extracted as features. For CSP-FB, the spatially filtered signals are filtered into multiple bands by a filter bank (FB), and then the logarithm of variances of each band are extracted as features. Secondly, a sparse optimization method regularized with a non-convex log function is proposed for the feature selection, which we called LOG, and an optimization algorithm for LOG is given. Finally, ensemble learning is used for secondary feature selection and classification model construction. Combing feature extraction and feature selection methods, a total of three new EEG decoding methods are obtained, namely CSP-Wavelet+LOG, CSP-WPD+LOG, and CSP-FB+LOG. Four public motor imagery datasets are used to verify the performance of the proposed methods. Compared to existing methods, the proposed methods achieved the highest average classification accuracy of 88.86, 83.40, 81.53, and 80.83 in datasets 1-4, respectively. The feature extraction time of CSP-FB is the shortest. The experimental results show that the proposed methods can effectively improve the classification accuracy and reduce the feature extraction time. With comprehensive consideration of classification accuracy and feature extraction time, CSP-FB+LOG has the best performance and can be used for the real-time BCI system.