Physical and reactive extraction equilibria of penicillin G were investigated experimentally and theoretically in the existence of n-butyl acetate as a hydrogen-bond acceptor solvent. Physical extraction equilibrium experiments were carried out varying the pH of aqueous phase and overall penicillin concentration. We compared the experimental data with the calculated results from four physical extraction equilibrium models suggested here and obtained the most reasonable model. Also, penicillin G was reactively extracted using Amberlite LA-2 in n-butyl acetate. The experimental variables were pH of the aqueous phase, overall amine concentration, and overall penicillin concentration. A combined equilibrium model including our physical extraction equilibrium expression and the reactive extraction equilibrium expression suggested by Reschke and Schugerl was used so as to analyze the current reactive extraction equilibrium system. The calculated results from the reactive extraction equilibrium model were in good agreement with the experimental data.