Using the CO- and N-assisted atomization processes, the production of ibuprofen/lipid composite microparticles is investigated, in which the lipid includes myristic acid and tripalmitin. The produced composite particles show similar morphology to that of the pure lipids obtained by the same process. In the case of the N-assisted process, the average size of composite particles is slightly larger than that of the pure lipid particles due to the difficulty of solidification when using N. In the case of the CO-assisted process, the average size of composite particles is slightly smaller than that of the pure myristic acid particles, but slightly larger than that of the pure tripalmitin particles. The dissolution study reveals that the drug release from the ibuprofen/myristic acid particles is enhanced in comparison with that of the unprocessed ibuprofen. For the particles produced by the N-assisted process, the X-ray diffraction (XRD) patterns clearly indicate the encapsulation of ibuprofen into myristic acid. The obtained ibuprofen/tripalmitin composite particles with 5% or 20% of ibuprofen (in mass) evidently show the controlled drug release: only about 20% of the drug is released in 500 min from the ibuprofen/tripalmitin composite particles consisting of 20% ibuprofen prepared by the CO-assisted process, and the same release is obtained from the ibuprofen/tripalmitin composite particles containing 5% ibuprofen prepared by the N-assisted process.