In recent years, there has been growing interest in leveraging the impressive generalization capabilities and reasoning ability of large language models (LLMs) to improve the performance of recommenders. With this operation, recommenders can access and learn the additional world knowledge and reasoning information via LLMs. However, in general, for different users and items, the world knowledge derived from LLMs suffers from issues of hallucination, content redundant, and information homogenization. Directly feeding the generated response embeddings into the recommendation model can lead to unavoidable performance deterioration. To address these challenges, we propose a Knowledge Selection \& Exploitation Recommendation (KSER) framework, which effectively select and extracts the high-quality knowledge from LLMs. The framework consists of two key components: a knowledge filtering module and a embedding spaces alignment module. In the knowledge filtering module, a Embedding Selection Filter Network (ESFNet) is designed to assign adaptive weights to different knowledge chunks in different knowledge fields. In the space alignment module, an attention-based architecture is proposed to align the semantic embeddings from LLMs with the feature space used to train the recommendation models. In addition, two training strategies--\textbf{all-parameters training} and \textbf{extractor-only training}--are proposed to flexibly adapt to different downstream tasks and application scenarios, where the extractor-only training strategy offers a novel perspective on knowledge-augmented recommendation. Experimental results validate the necessity and effectiveness of both the knowledge filtering and alignment modules, and further demonstrate the efficiency and effectiveness of the extractor-only training strategy.