抽烟(chōu yān) - to smoke (tobacco) in Mandarin

抽烟 (chōu yān) is the ordinary way to say smoke, as in smoking cigarettes. 吸烟 is the same act in a stiffer register, which is why it is 吸烟 you see on the no smoking signs.

The trap is that 抽烟 is not one solid word but a verb plus its object, and the two halves come apart whenever something needs to go between them. Duration and quantity slot in the middle: 抽了三十年烟, 抽一根烟. Say 抽烟了三十年 and a native speaker will hear the seam.

It also means tobacco only. A chimney smoking, or smoke rising off a fire, is 冒烟, and smoked fish is 熏. 抽 by itself is much broader: to pull something out, to draw a card, even to lash with a whip.