Recycling spent lithium-ion batteries (LIBs) is crucial to prevent environmental pollution and recover valuable metals. Traditional methods for recycling spent LIBs include hydrometallurgy and pyrometallurgy. Among these methods, solvent extraction can selectively extract valuable metals in spent LIB leachate. Meanwhile, spent LIBs that underwent pyrometallurgical treatment generate a so-called ‘black alloy’ of Ni, Co, Cu, and so on. These elements in the black alloy need to be separated by solvent extraction and there have been few studies on extracting valuable metals from black alloy. Therefore, it is necessary to examine the extraction behavior of elements in black alloy and optimize the solvent extraction process to recover valuable metals. In this paper, four types of organic extractants are used to extract metals from simulated black alloy leachate: di-(2ethylhexyl) phosphoric acid (D2EHPA), bis-(2,4,4-trimethylpentyl) phosphinic acid (Cyanex272), 2-ethylhexyl phosphonic acid mono-2-ethylhexyl ester (PC88A), and neodecanoic acid (Versatic acid 10). Based on the pH isotherms, D2EHPA would be the most reasonable for Mn extraction and impurity removal. Cyanex 272 would be more suitable for Co separation than PC88A, and Versatic acid 10 is preferred for Cu extraction over other metals. In conclusion, the optimal combination of extractants is suggested for the recovery of valuable metals.