Solvent extraction is an important method for purification and separation in industrial applications. In this study, we develop a membrane emulsification circulation (MEC) extractor with simple structure, whose solution tank serves as mixing and clarification chamber simultaneously. Compared to conventional stirring extraction, the MEC extractor achieves better extraction performance of Pd(II) using Cyphos IL 101 as extractant since membrane emulsification produces smaller droplets and lager mass transfer area. The effects of volume ratio of organic and aqueous phase (O/A), molar ratio of ligands and metal ions (L/M), and Pd(II) concentration on extraction are systematically studied, revealing that the circulation extraction significantly reduces the consumption of extractant and diluent. Over 99% of Pd(II) is extracted at low O/A and L/M ratios, even with an extremely low concentration of 0.001 mM. Further investigations on parameters of the MEC extractor suggest that smaller pellet size of the sintered polyethylene membrane and higher flow rate benefit the extraction. Empirical formulas showing good agreement with the experimental data are established to predict the residual concentration of metal ions in aqueous phase. Moreover, Pd(II) and other precious metals widely used in electronics like Au(III) and Pt(IV) can be also efficiently and selectively extracted from simulated waste electrical and electronic equipment leachate by Cyphos IL 101 using the MEC extractor, and the extraction efficiency is 92.8% for Pt(IV), over 99.9% for both Pd(II) and Au(III). The MEC extractor exhibits great potential in practical application due to its simple structure, high economic benefits and extraction performance.