Nowadays, a considerable number of various separation/preconcentration procedures coupled with electrothermal atomic absorption spectrometry (ETAAS) can be found in the published literature. Among separation techniques, cloud point extraction (CPE) has found its regular use in ultratrace analysis of elements. This review offers a more detailed look to the coupling of CPE and ETAAS, especially to the parameters affecting ETAAS quantification of a selected element. Publications, where this combination of separation technique and quantification method is used, describe an achievement of quantitative extraction recoveries, an acceptable precision and low limits of quantification (LOQs) for different (ultra)trace elements in various complex matrices. These results lead to the conclusion that the developed procedures have a great analytical potential for reliable quantification of (ultra)trace elements, even when complicated matrices containing various components are to be analyzed, which is supported by papers mentioned in this review.