Biomass as a whole offers a more diverse potential for valorisation than any other renewable energy source. As one of the stages in the separation of bio-oil involves a liquid mixture of acetol and acetic acid, and as both components are particularly well suited for valorisation, a hybrid method was developed for their separation with a high purity level through an approach combining liquid–liquid extraction and distillation. In order to design and simulate the flowsheet, the ChemCAD 7.0 simulation software was used. Sensitivity analyses were carried out to investigate the influence of the different parameters in the distillation columns, such as the reflux ratio, the feed stage location, and the vapour/bottom molar flow ratio. The effect of different extractants and of their excess on the separation process, as well as the possibility of regenerating the extractant, was also studied. Tri-n-octylamine was accordingly selected as a separating agent that was fully recycled. The end result for separating an initial 48/52 wt% acetol/acetic acid liquid mixture was acetol with a purity of 99.4 wt% and acetic acid with a purity of 100 wt%.