Experimental and modeling studies of the liquid−liquid equilibria at ambient pressure of three model systems—squalene + ethyl lactate, olive oil + ethyl lactate, and squalene + olive oil + ethyl lactate—were performed with the view to explore the potential application of an agrochemical solvent, namely, ethyl lactate, to recover squalene from pretreated olive oil deodorizer distillate. The favorable separation factors obtained reveal the strength and potential of ethyl lactate as a green solvent for the recovery of squalene from squalene + triglyceride mixtures.