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The global yield and composition of extracts obtained by supercritical carbon dioxide (SC‐CO2) extraction from a dry ethanolic extract of propolis were measured in order to determine the possibility of using SC‐CO2 to fractionate components of interest present in these extracts. The global yield extraction was measured, and also the concentrations of the following phenolic compounds in the resulting supercritical fluid extracts (SFEs): 3,5‐diprenyl‐4‐hydroxycinnamic acid (known as artepillin C), 3‐prenyl‐4‐hydroxycinnamic acid, 4‐hydroxycinnamic acid (p‐coumaric acid) and 4‐methoxy‐3,5,7‐trihydroxyflavone (kaempferide), of which artepillin C was the target component of greatest interest. The results showed extraction yields between 3.82 (at 150 bar) and 13.07% (at 350 bar), which could be highly correlated with the density of the SC‐CO2 at a constant temperature of 60C. The resulting concentrations in the SFE indicated that the selectivity of the carbon dioxide could be manipulated, and it was more selective at lower pressures, although with lower extraction yields. PRACTICAL APPLICATIONS Supercritical fluid extraction is an interesting process for the production of natural extracts because it is a clean process, and extractions using carbon dioxide (CO2) as the solvent have been gaining attention in recent years. This study presented important aspects with respect to the fractionation of a dry ethanolic extract of propolis using supercritical carbon dioxide, and it is important to explore the potential applications of propolis extracts and the biological properties of its fractions in the food, pharmaceutical and cosmetic industries, such as in dental hygiene products, wound healing creams and antibacterial soaps.