It was established that isopropyl salicylate can be used similarly to 1,3-diketones as a key component for a new efficient extraction system for selective separation of alkali metal cations. According to DFT modeling of complexes of isopropyl salicylate and 1,3-diketone with alkali metal cations (Li+, Na+, K+), six-membered metallacycles are formed whose stability decreases along the series Li > Na > K, which results in the observed enhanced affinity to lithium. The extraction ability of isopropyl salicylate is manifested in the presence of trioctylphosphine oxide (TOPO). The newly obtained complexes of isopropyl salicylate with alkali metal cations as well as their extracts in a mixture with TOPO are characterized by means of FT-IR, Raman, and NMR spectroscopy. The probable structure of the extracted lithium complex is presumed and the role of TOPO in the extraction process is investigated in detail. Extraction experiments showed extremely high separation coefficients for Li/Na and Li/K pairs in the extraction from a model multi-component solution.