Chlorogenic acid (CGA), a high value-added phytochemical used by the pharmaceutical and food industries, is found in residues and byproducts of the coffee industry. This paper presents a methodology to identify the adequate solvents to extract CGA from coffee pulp based on Hansen solubility parameters (HSPs), risk assessment, sustainability evaluation, and an economic analysis. In total, 16 solvents with different physicochemical properties, which are commonly used in the industry for extraction processes, were evaluated. According to the results, the most appropriate solvents are water, methanol, ethanol, n-propanol, acetone, t-Butyl alcohol, ethyl acetate, acetic acid, benzyl alcohol, and phenol. However, water, ethanol, and a mix of them are the most advisable solvents because they have the lowest Ra, their HSPs are near those of CGA, they are easy to handle according to CHEM21’s Risk Assessment guide, they have a lower carbon footprint, and they are less expensive solvents.