This feature is available in Adobe Illustrator CS6, CC, and later. To join Adobe Creative Cloud, see Adobe Creative Cloud.
When you embed images in an Illustrator file, the image file is stored within the document. You can extract the embedded images by unembedding them and replace the embedded images with the corresponding extracted PSD or TIFF files. You can also use or edit the extracted files outside Illustrator.
For more information about linked and embedded files, see Importing artwork files.