Rare earths (REs) and Co are critical strategic resources. Their recovery is crucial for ensuring that their supplies are adequate and for reducing environmental pollution. End-of-life NdFeB magnets are important secondary RE sources. The separation of Dy, Nd, and Co from NdFeB leachate using a relatively new extractant (2,3-dimethylbutyl) (2,4,4′-trimethylpentyl)phosphinic acid (INET-3), was investigated in this study. The separation parameters, such as equilibrium pH, phase ratio, INET-3 concentration, and number of counter-current extraction stages, were optimised. The results show that INET-3 can separate Dy, Nd, and Co efficiently. For the preferential extraction of Dy from synthetic iron-free NdFeB leachate, the optimum equilibrium pH is 2.60. Under this condition, separation of Dy from the leachate requires four counter-current extraction stages at A/O (volume ratio of aqueous to organic) = 1:2. This is demonstrated by a simulated four-stage counter-current extraction process. At equilibrium pH = 2.52 and A/O=1:2, 98％ of Dy is recovered with 95％ purity. As to the subsequent separation of Nd from the leachate, nearly 100％ is recovered with 99％ purity through a simulated three-stage counter-current extraction process at equilibrium pH = 5.33 and A/O = 1:1. Approximately 95％ of Co remains in the raffinate with 99.98％ purity.