The extraction of europium to a W/O microemulsion with an anionic surfactant was studied. In the sodium oleate (NaOL)/pentanol/heptane/NaCl system, the influence of aqueous-microemulsion ratio, concentration of NaOL, extraction temperature, concentration of cosurfactant, pH and salting-out agent on the extraction yield were investigated. Europium was probably extracted into the microemulsion phase in the form of Eu(OL)2Cl, and the extraction yield (E%) was above 99% when R = 8. The enthalpy and entropy of Eu(III) extraction were calculated to be −12.18 kJ/mol and −61.41 J/(mol K), respectively. The back-extraction is conducted by hydrochloric acid (0.8 mol/L), which provided better back-extraction yields (95.15%).