Extraction from oil sands is a crucial step in the industrial recovery of bitumen. It is challenging to obtain online measurements of process outputs such as bitumen grade and recovery. Online measurements are a prerequisite for innovating better process control solutions for process efficiency and cost reduction. We have developed a soft sensor to provide online measurements of bitumen grade and recovery in a flotation‐based oil sand extraction process. Continuous froth images were captured using a VisioFroth camera system on a batch flotation unit. A support vector regression (SVR) model with a Gaussian kernel was constructed to develop a soft sensor for bitumen grade and recovery using froth image features as the inputs. The model was trained and validated for batch flotation of different grades of oil sands ore at industry‐relevant process conditions. A Dean‐Stark analyzer was used to obtain offline grade and recovery measurements that were used to calibrate the soft sensor. Mean squared errors (MSE) of 62 and 74 were achieved for grade (%) and recovery (%), respectively, and this was obtained using 5‐fold cross validation. The developed soft sensor model has been applied successfully in the real‐time dynamic monitoring of flotation grade and recovery for different grades of ore and operating conditions.