The all-weather and inshore lifeboats were both launched to an area known locally as the Cradle and Table, less than one mile west of Ballycotton Bay, after a member of the public alerted the volunteer lifeboat crew.
Weather conditions were reportedly calm with some light winds.
The dog was brought onboard the inshore lifeboat by the crew members and, once safe, he was transferred to the all-weather lifeboat and returned to his owners onshore.
Speaking following the callout, Ballycotton RNLI mechanic Maire Scanlon said: “We are delighted that this launch had such a positive outcome.
“Locally the dog is known as Paudie, and we are delighted to report he has since been assessed by a local and vet and is recovering well.
“We would also like to thank our colleagues from the Ballycotton Coast Guard unit who were also on scene to lend their assistance.”