PROBLEM TO BE SOLVED: To provide a method for producing a microcapsule formulation having a small particle diameter, a uniform particle size, and a high encapsulation rate of an agent in microcapsule.SOLUTION: The invention relates to an agent and a manufacturing method of a microcapsule formulation consisting of a biodegradable polymer, providing a method which comprises an emulsification process using a continuous emulsification-dispersion machine. Suitably, the biodegradable polymer is a polylactic acid, a polyglycolic acid, or a lactic acid-glycolic acid copolymer, and the continuous emulsification-dispersion machine is a Pipeline Homo Mixer.