The aim of this study was to gain insight into the feasibility of using microparticles (MPs) constituted by the biodegradable poly (DL-actide-co-glycolide) (PLGA) and a number of cyclodextrins (CDs) as an orally sustained delivery system of the hypnotic agent etizolam (ETZ). A further aim of the work was to investigate the effects of different CDs on the morphology, loading, and release properties of the MPs prepared. For these purposes, ETZ alone, and ETZ/CD-PLGA loaded MPs were prepared by the W/O/W emulsion-solvent evaporation method. It was found that the release of ETZ in vitro was more prolonged over three days with a kinetic constant proportional to t(1/2). It was also demonstrated that the CDs in these MPs are able to modulate several properties such as morphology, drug loading, and release properties. In fact, marked differences in shape, surface, and encapsulation efficiencies were noted depending on the presence, hydrophilicity, and charge of the CD employed. The obtained results induce us to consider the present ETZ-containing formulations as new valuable tools for the treatment of different insomnia categories.