A biodegradable triblock copolymer of poly(L-lactide)-poly(ethylene glycol)-poly(L-lactide) (PLLA-b-PEG-b-PLLA) was synthesized via a new process by the ring-opening polymerization of L-lactide with PEG as macroinitiator and Sn(Oct)(2) as catalyst. The structure and molecular weight of the polymer were characterized by H-1 NMR spectra, Fourier transform infrared spectroscopy (FTIR), and gel permeation chromatography (GPC). Then the microparticles were prepared with the synthesized copolymer by supercritical antisolvent (SAS) process. The optimal operating conditions were explored using an orthogonal array design. The effects of the mixed organic solvent, the concentration of polymer solution and the flow rate of polymer solution on the morphology and thermal properties of the microparticles were investigated experimentally. The morphology, size and thermal properties of microparticles were characterized by scanning electron microscopy (SEM), laser particle size analyzer, x-ray diffractometer (XRD) and differential scanning calorimeter (DSC) respectively. The results indicated that the use of mixed solvent (dichloromethane/acetone) and the polymer concentration played important roles on particle morphology, size and size distribution. In addition the PLLA-PEG-PLLA particles prepared by supercritical antisolvent process have less crystalline.