Imidazolium-based ionic liquids (ILs) bearing an alkylphosphite anion, were highly efficient for the selective removal of acetylenes in olefins. Comparison of solubility data at 313 K and at atmospheric pressure shows that the solubilities of acetylene and propyne in 1,3-dimethylimidazolium methylphosphite ([DMIM][MeHPO(3)]) are about 45 and 20 times higher than those of ethylene and propylene, respectively. Computational and (1)H NMR results clearly demonstrate that there are substantial interactions between the acidic hydrogen atom or atoms of acetylenes and the phosphite anion.