A novel method that spent nuclear fuel is converted into nitrates with N2O4, and then nitrates are extracted with TBP in supercritical CO2 (SC-CO2), has been developed for reprocessing of spent nuclear fuel, which has a potential prospect because of its potential to decrease generation of the secondary liquid waste. In this paper, conversion of Nd2O3 with N2O4 into its nitrate under various conditions and extraction of the conversion product with TBP in SC-CO2 were investigated. When temperature was 60–120 °C, the molar ratio of H2O to Nd2O3 was from 1 to 6, and molar ratio of N2O4 to Nd2O3 was above 8, complete conversion of Nd2O3 into its nitrate was achieved. The conversion product was characterized by thermal analysis (TG-DTA), X-ray diffraction (XRD), Fourier transformed infrared spectroscopy (FT-IR) and Raman spectroscopy. Quantitative extraction of the conversion product with TBP in supercritical CO2 was also achieved under experimental conditions.