The separation requirements of the ethanol‐tert‐butanol‐water system are difficult to meet due to the formation of azeotropes under normal pressure. After screening the four most important ionic liquids, i.e., [BMIM][BF4], [EMIM][Cl], [HMIM][Cl], and [EMIM][AC], ionic liquid [EMIM][AC] was selected as extractant, and quantum chemical calculations based on COSMO‐SAC theory were carried out to analyze the mechanism of the separation process. An ethanol‐tert‐butanol‐water extractive distillation process was designed, optimized with the goal of the lowest total annual economic cost, and the cost of carbon dioxide emissions was calculated. To further save energy, a heat pump distillation process was designed and compared with the conventional ionic liquid process. The annual total cost of the heat pump distillation process is reduced by 10.11 %, and carbon dioxide emission costs are reduced by 61.9 %. Comparison with the conventional extractive distillation process and its modified process revealed economic advantages for the ionic liquid extractive distillation process and its heat pump version.