The micronization of an asthma active pharmaceutical ingredient, fluticasone propionate, using the supercritical antisolvent (SAS) process was investigated in this study. The most commonly used supercritical carbon dioxide was employed as the antisolvent. The effects of five process parameters, including operating temperature, operating pressure, solution flow rate, solution concentration, and nozzle diameter, were compared and discussed. The physical properties of micronized fluticasone propionate were examined by the particle size analyzer, the scanning electron microscope and X-ray diffractometer. The cross interaction effect of operating temperature and pressure was observed in the SAS treatment of fluticasone propionate and verified by the method of calculated mixture critical point (MCP), using the predictive Soave-Redlich-Kwong equation of state. Operation slightly above the MCP was suggested for successful micronization of fluticasone propionate.