A new emulsion liquid membrane was prepared for dysprosium (Dy) extraction from aqueous solution using multi-walled carbon nanotubes (MWCNTs). The influence of MWCNT concentration, carrier and surfactant concentration, stirring speed, feed-phase pH, and internal phase concentration and their interactive effects were studied. A regression model for Dy extraction was developed and the parameters were optimized by response surface methodology. The extent of extraction increases with higher MWCNT concentration up to a certain level. The Dy extraction through the liquid membrane containing MWCNT improves with time. Moreover, the overall mass transfer coefficient was enhanced in the presence of MWCNT due to the formation of a more stable emulsion and liquid membrane.