The total alkaloids extracted from the leaves of Alstonia scholaris (ASAs) have been reported to reduce fever, remove phlegm, and relieve coughs. However, their drug half-lives are short. Thus, to obtain sustained-release preparations of total alkaloids from ASAs, mandelic acid oxyanhydride (mandelic acid OCA) was synthesized by the reaction of L-mandelic acid (MA) with triphosgene, and subsequent copolymerization with polyethylene glycol monomethyl ether (mPEG) of different molecular weights yielded the corresponding mPEG poly-MA (mPEG-PMA) copolymers. ASAs-loaded microspheres were then prepared using the double emulsion method, and their in vitro release (15 d, 37 °C) and in vitro degradation behaviors were studied. The morphology, size, embedding efficiency, and drug loading efficiency were investigated for the prepared microspheres, and screening was carried out using the mPEG10K-PMA drug-loaded microspheres to analyze their biological characteristics. Anti-inflammatory experiments using Kunming mice and Sprague Dawley rats showed that the microspheres exhibited good anti-inflammatory properties. Moreover, the ASAs-loaded microspheres exhibited a good biocompatibility, and the hemolysis rate was <5%.