Traditional CO2 biphasic absorbents currently suffer from problems such as high initial phase separation loading, poor product distribution selectivity, and weak dynamic phase separation ability, which limit their potential for industrial applications. This study developed a biphasic absorbent regulated by dual physical solvents by introducing partial ethyl levulinate (EL) into a sulfolane biphasic system. The optimal composition of this system was 30 wt% 1-amino-2-propanol (MIPA), 20 wt% sulfolane and 30 wt% EL. Under dual physical solvent conditions, strong electrostatic attraction between MIPA and CO2 promoted generation of MIPA zwitterions and carbamate. Analysis of the interactions between different product components through electrostatic potentials and with an independent gradient model based on Hirshfeld's partitioning revealed only extremely weak van der Waals force-driven interactions between the reaction products and EL. These interactions substantially reduced the initial phase separation loading and offered precise control over phase transition behavior. Compared with MIPA/sulfolane system, the MIPA/sulfolane/EL system achieved a 48.9 % lower initial phase separation loading, an 11.6 % lower proportion of saturated rich phase volume, a 10.1 % higher CO2-rich phase loading, and a 6.7 % lower viscosity. The excellent dynamic phase separation performance was verified using a customized device and the energy consumption for CO2 regeneration decreased to 2.2 GJ/t CO2.