A combination kidney and liver dialysis system and method provides a portable, lightweight hemodialysis device that removes uremic toxins, hepatic toxins, water, and impurities from the blood. The method comprises separating the blood into a plasma portion and a cellular portion, immediately returning the cellular portion to the body, providing large volumes of replacement fluids, diluting the plasma portion with replacement fluids, and then manipulating the plasma portion of the blood to pass through hemoperfusion membranes, hemodiafiltration membranes, and extracorporeal membrane oxygenation membranes. Dialysis is performed on the plasma portion of the blood with an albumin dialyzer against an albumin dialysate and a high molecular weight cut off membrane. Dialysis is performed on the plasma portion of blood with a lipid dialysate comprising 10-30% lipid composition, and a high flux dialyzer. The system can also use any form of dialysis technology including hollow fiber, flat plate and microfluidic technology.