Steam stripping is commonly used to remove free fatty acids from crude palm oil. An alternative deacidification method, solvent extraction performed at a much lower temperature, would preserve the natural antioxidants in the refined palm oil. In this work, palmitic acid was extracted using betaine monohydrate-propionic acid and betaine monohydrate-acetic acid deep eutectic solvents (DESs). The effect of temperature (40 °C to 80 °C), mass ratio of palm oil to solvent (2:1 to 1:2), and palmitic acid content in the palm oil feed (2% to 8% mass) on the distribution coefficient values of palmitic acid (0.44−0.93) was investigated. For the first time, a facile recovery of DESs could be accomplished by a cooling process where up to 98% of the palmitic acid separates as solid. A solvent extraction process for palm oil deacidification, employing a DES with a distribution coefficient value much higher than unity, will provide advantages over the steam stripping process.