The objectives of the current investigation were (1) to prepare the microparticles based on stearic and alginic acids from an aqueous system by hot (melt) dispersion method, (2) to achieve a higher drug entrapment efficiency and process yield (%) by changing the production variables such as stirring speed, concentration of stabilizer in aqueous dispersion medium, volume of aqueous dispersion medium, and stirring time, and (3) to see whether or not a retardation in drug release profile was attained from the celecoxib-loaded stearic and alginic acids-based microparticles compared to that of the celecoxib alone. The addition of alginic acid into stearic acid produced spherical-shaped particles with an almost smooth surface. Higher drug entrapment efficiency and process yield (%) values were obtained when the microparticles were prepared at 1000 r/min using 0.1% w/v polyvinyl alcohol in 100 mL aqueous dispersion medium and 30 min stirring time. The in vitro dissolution study in 900 mL of 2% sodium lauryl sulfate (SLS) solution at 75 r/min, however, showed only around 10% retardation in drug release from microparticles compared to the drug release from pure celecoxib alone. This indicated that the gel-like network formed by the alginic acid around the microparticles could not prevent the drug leakage from the microparticles.