This study investigates the effects of direct and indirect dispersion methods for lovastatin solid dispersion (LSD) in alginate (AG)/chitosan (CS) composites on the characteristics and properties of the AG/CS/LSD composites. The preparation method significantly influences the structure, morphology, and LSD size distribution of the composites as well as the drug release of LSD from the samples. The differences in dispersion methods for LSD lead to differences in the interaction between the components, the structure, and the control drug release of LSD. Lovastatin was released from the samples containing LSD in two stages (a fast release stage and a slow release stage), and the drug release content prepared using the indirect method is lower than that prepared using the direct method in the same buffer solution. After 32 h of testing, the released LSD content from the indirect and direct LSD dispersion methods in pH 2 and pH 7.4 buffer solutions was 87–94% and 41–61%, respectively. Drug release kinetics from the above samples in solutions with different pH values was also set up.