The extraction and stripping of ytterbium( Ⅲ) from sulfuric acid medium using Cyanex 923 in heptane solution was investigated. The effects of extraetant concentration, pH and sulfate ion as well as stripping agents, acidity and temperature on the extraction and stripping were studied. The equilibrium constants and thermodynamic parameters, such as △n (10.76 kJ·mol^-1), △G (-79.26 kJ·mol^-1) and △S (292.41 J·K^-1·mol^-1), were calculated. The extraction mechanism and the complex species extracted were determined by slope analysis and FTIR spectra. Furthermore, it was found that the extraction of Yb (Ⅲ) from sulfuric acid medium by Cyanex 923 increased with pH, concentration of SO4^2-, HSO4^-, and extractant concentration, and approximately a quantitative extraction of Yb( Ⅲ) was achieved at an equilibrium pH near 3.0, and the extracted complex was YbSO4(HSO4)·2Cyanex923(o).