The purposes of this work were the producing of a biodegradable poly($varepsilon$-caprolactone) (PCL) / poly(ethylene oxide) (PEO) microcapsule and the analyzing of form and features for the manufacturing conditions which could be observed in a prospective drug delivery systems through drug release. The effects of emulsifier, emulsifier concentration, and stirring rate for the diameter and form of the microcapsules were observed using image analyzer and scanning electron microscope. The role of interfacial adhesion between PCL/PEO and drug was determined by contact angle measurements, and the drug release test of the microcapsules was characterized by UV/vis. spectra. As a result, the microcapsules were made in spherical fonns with a mean particle size of 170 nm∼68 $mu$m. And the work of adhesion between water and PCL/PEO increased with increasing the content of PEO, probably due to the increased the hydrophilicity. It was also found that the drug release rate from the microcapsules significantly increased with increasing the content of PEO, which could be also attributed to the increasing of the hydrophilic groups or the degree of adhesion force at interfaces.