"We shouldn't be playing around with inflation," Palin said in remarks prepared for a Monday speech in Phoenix, according to Reuters.
Any economic boost from the purchases will be "temporary" and "artificial" and will lead to higher inflation, Palin said.
Bernanke's plan to buy up assets has encountered fierce criticism at home and abroad.
China, Germany and Brazil have all denounced the plan as harmful to the global economy. Representative Paul Ryan said that it will lead to "a big inflation problem."
Bernanke has defended the plan, dismissing suggestions that he is trying to boost inflation.
"It's critical for us to maintain inflation at an appropriate level," Bernanke said last week.