There has been great interest in phospholipids (PL) found in dairy products due to their health and functional properties. Concentrating these polar lipids with microfiltration has been successful; however, this technology is significantly affected by protein interference which limits the achievable PL concentration. In this study, we demonstrated a method that successfully removed the protein while extracting the lipid and PL. The technology that was originally developed for egg yolk PL extraction, simultaneous texturization and extraction of PL (STEP), has been successfully applied to whey protein phospholipid concentrate (WPPC). This method successfully precipitated the protein present in WPPC and extracted the lipid and PL with a green alcoholic solvent ethanol. We also evaluated the effect of extraction temperature and ethanol concentration on the recovery of lipid and PL. A dairy lipid fraction with 65.62% PL was obtained under optimal conditions, and that is approximately 3 times higher than PL concentration reported in the literature.