Parallel corpora are crucial for statistical machine translation (SMT); however, they are quite scarce for most language pairs and domains. As comparable corpora are far more available, many studies have been conducted to extract parallel sentences from them for SMT. Parallel sentence extraction relies highly on bilingual lexicons that are also very scarce. We propose an unsupervised bilingual lexicon extraction based parallel sentence extraction system that first extracts bilingual lexicons from comparable corpora and then extracts parallel sentences using the lexicons. Our bilingual lexicon extraction method is based on a combination of topic model and context based methods in an iterative process. The proposed method does not rely on any prior knowledge, and the performance can be improved iteratively. The parallel sentence extraction method uses a binary classifier for parallel sentence identification. The extracted bilingual lexicons are used for the classifier to improve the performance of parallel sentence extraction. Experiments conducted with the Wikipedia data indicate that the proposed bilingual lexicon extraction method greatly outperforms existing methods, and the extracted bilingual lexicons significantly improve the performance of parallel sentence extraction for SMT.