Abstract Liquid phase pyrolysis (LPP) oil, an intermediate from biofuel production using second‐generation biomass, is a promising source of biobased platform chemicals like acetic acid, however, displaying a complex, multicomponent mixture. Reactive extraction with Cyanex®923 was investigated for selective recovery of acids and subsequent solvent regeneration in distillation at 200 mbar. In a three‐stage extraction 81 % of acids were removed from the LPP oil without loss of Cyanex®923 to the raffinate. Solvent regeneration efficiency of acids was up to 99.7 % with mainly acids and water in the distillate.