Recent advances in representation learning often rely on holistic, black-box embeddings that entangle multiple semantic components, limiting interpretability and generalization. These issues are especially critical in medical imaging. To address these limitations, we propose an Organ-Wise Tokenization (OWT) framework with a Token Group-based Reconstruction (TGR) training paradigm. Unlike conventional approaches that produce holistic features, OWT explicitly disentangles an image into separable token groups, each corresponding to a distinct organ or semantic entity. Our design ensures each token group encapsulates organ-specific information, boosting interpretability, generalization, and efficiency while allowing fine-grained control in downstream tasks. Experiments on CT and MRI datasets demonstrate the effectiveness of OWT in not only achieving strong image reconstruction and segmentation performance, but also enabling novel semantic-level generation and retrieval applications that are out of reach for standard holistic embedding methods. These findings underscore the potential of OWT as a foundational framework for semantically disentangled representation learning, offering broad scalability and applicability to real-world medical imaging scenarios and beyond.