Emergency services were alerted to the incident near Slains Castle shortly before 12.30pm on Saturday.
Two coastguard rescue teams, from Cruden Bay and Peterhead, were sent to the scene along with the RNLI lifeboat from Peterhead.
A coastguard spokesman said the teams had been preparing to carry out a rope rescue, but the dog was ultimately recovered by the lifeboat crew.
The pet was returned safely to its owner a short time later.
A lifeboat spokesman said: “The lifeboat recovered the dog and returned to its berth at 1.35pm.
“The dog was then returned to very grateful owners.”