A stable water-in-oil-in-water multiple emulsion (wIo/w emulsion) was prepared, and its potential for drug delivery was evaluated. Wlolw emulsions were prepared using a Lipiodol Ultra-Fluid@ and isopropyl myristate oil mixture for the oily phase and vancomycin (VCM) for the entrapped drug. The surfactants, HCO-40 (5% [w/v]) and Pluronic F-88 were dissolved in the oily phase and the external aqueous phase, respectively. Resultant w/o/w emulsions were evaluated for entrapment efficiency, particle size, viscosity, drug release in vitro, and disposition kinetics of the drug and the wlolw emulsion in vivo. The particle size of the w/o/w emulsion decreased with an increase in the concentration of F-88 in the external aqueous phase and stirring speed at the second emulsification stage (the smallest being 2.9 f 1.5 pm). Entrapment efficiency of VCM in the wlolw emulsion decreased with an increase in the concentration of F-88 (the maximum being 65.3 f 5.4%). VCM release from the wlolw emulsion was prolonged and tended to be slower with an increase in the particle size of the emulsion. After intravenous administration, significant differences in pharmacokinetic parameters, such as kzl, kelp, AUCO-,, MRTM, and MRTo-,, were observed between the VCM solution and the wlolw emulsion-entrapped drug. When the wlolw emulsion with Sudan I1 in the oily phase was administered intravenously, the emulsion accumulated in the lung at first (the highest value was observed just after administration) and then in the liver (the highest value was observed at 60 min). The wlolw emulsion prepared in this study is expected to be a possible carrier for the prolonged release of water-soluble drugs after intravenous administration.