The phase behaviors of the subsystems of the ethyl acetate (EtAc)/monoolein/polyethylene glycol-poly(D,L-lactide-co-glycolide) (PLG)/water system have been determined. EtAc simultaneously solves MO and PLG in a liquid phase, denoted L. Lipid/polymer composite particles have here been formed by emulsification of such an L phase into aqueous solutions. Characterization, by means of confocal laser scanning microscopy, revealed that distinctive lipid domains appear inside the particles. In aqueous solutions, these lipid domains swell and finally leave the concentrated polymer matrix. The system exhibits a suitable phase behavior in order to form lipid/polymer composite particles. These composite particles may be interesting for drug delivery applications.