The aim of this study was to investigate the effect of the surfactant properties of polyvinyl alcohol (PVA) in enhancing the yield of small size microspheres. Naltrexone microspheres were prepared by solvent-solvent extraction evaporation process. PVA of various concentrations were added into the aqueous phase prior to the mixing process. The addition of PVA was expected to influence the shape, size distribution, drug loading and drug release profile. The results indicated that it is desirable to increase the weight fraction of the microspheres with size range below 106 mm for the highest possible yield.