In this study, di-(2-ethylhexyl) ammonium phosphate (DEHAP)/octanol reverse micellar extraction was investigated and demonstrated to be an effective method to separate GSH from yeast fermentation broth. The effect of several important factors i.e., pH, DEHAP concentration, and type concentration of cations on both extraction and strip-extraction was investigated. The optimum operating conditions for both extraction and strip-extraction were obtained by two groups of orthogonal experiments. At the optimum operating conditions, the yield of GSH can reach 68%. In the lyophilized product, the purity of GSH was higher than 75%, all the proteins can be separated, and only a small portion of amino acids were left.