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The memorization effect of deep neural networks (DNNs) plays a pivotal role in recent label noise learning methods. To exploit this effect, the model prediction-based methods have been widely adopted, which aim to exploit the outputs of DNNs in the early stage of learning to correct noisy labels. However, we observe that the model will make mistakes during label prediction, resulting in unsatisfactory performance. By contrast, the produced features in the early stage of learning show better robustness. Inspired by this observation, in this paper, we propose a novel feature embedding-based method for deep learning with label noise, termed LabEl NoiseDilution (LEND). To be specific, we first compute a similarity matrix based on current embedded features to capture the local structure of training data. Then, the noisy supervision signals carried by mislabeled data are overwhelmed by nearby correctly labeled ones (\textit{i.e.}, label noise dilution), of which the effectiveness is guaranteed by the inherent robustness of feature embedding. Finally, the training data with diluted labels are further used to train a robust classifier. Empirically, we conduct extensive experiments on both synthetic and real-world noisy datasets by comparing our LEND with several representative robust learning approaches. The results verify the effectiveness of our LEND.