Liquid-liquid extraction is a separation process involving the distribution of components between two immiscible liquid phases, comprising three key stages: contact, separation, and recovery. It is often preferred over distillation for heat-sensitive or non-volatile substances and is illustrated using ternary phase diagrams and material balance examples. The document also discusses various equipment used for the extraction process, such as mixer settlers, packed columns, and spray columns, along with performance predictions for commercial extraction towers.