Dairy phospholipids (PL) is of interest due to their health benefits and functional properties. Solvent fractionation of PL has not been commonly used in the dairy industry to fractionate milk fat to obtain or concentrate the PL. The total lipid extracted from the β stream, a waste by‐product of dairy processing, was used in this study to investigate suitable solvent and conditions to separate the neutral lipid from PL. A fixed lipid solvent ratio (1:10 g/v) was used at various fractionation temperatures (−20, 2, 15, 23, 40, and 60 °C) depending on the solvents. The use of acetone at 23 °C, not at the lower temperatures, led to a dairy lecithin product with high PL content, such as 71.5%. The more aqueous ethanol, i.e. at 70% concentration compared to 95%, was able to preferentially extract PL to form products with up to 74.7% PL, but the PL yield was much lower (26.3%) compared to acetone precipitation (97.9%). The enrichment of branch chain fatty acids proved to be very challenging due to the overlapping melting points with other fatty acids. The composition of the major fatty acids of polar and neutral lipids also showed interesting patterns that may indicate different nutritional and oxidative properties of the fractionated products.