End-functionalized poly/oligo(epsilon-caprolactone)s were synthesized through the ring-opening polymerization of epsilon-caprolactone initiated by cholesterol with a hydroxyl group. Using the end-functionalized poly/oligo(epsilon-caprolactone)s with different molecular weights, the microsphere drug delivery systems were fabricated using a convenient melting-emulsion method. The drug release properties of microspheres were investigated with the presence of an enzyme, Pseudomonas cepacia lipase, as well as in the absence of the enzyme. The release profiles can be fitted nicely by the classical empirical exponential expression. Under the hydrolytic condition, the drug release is mainly controlled by Fickian diffusion, and the high molecular weight of the matrix results in a slower drug release rate. Under the enzymatic condition, the drug release is dominated by combined degradation and diffusion mechanism, and the high molecular weight sample exhibits a faster release rate that is mainly caused by the higher degradation rate of the sample with lower cholesteryl moiety content.