Oxygen‐generating biomaterials have led to promising results in biomedical applications. Yet, the characteristics of these biomaterials need to meet the requirements of a specific application in order to be successful. In this study, hydrogen peroxide (H2O2) was used as the oxygen‐generating substance, and poly (l‐lactic acid) (PLLA) microparticles loaded with polyvinylpyrrolidone/hydrogen peroxide (PVP/H2O2) mixture were prepared using water‐in‐oil‐in‐water double emulsion technique. The experiments were carried out based on full factorial design where the impacts of PLLA concentration, H2O2:PVP molar ratio, and H2O2:organic phase volume ratio on microparticles' properties, including size, encapsulation efficiency, loading content, and percentage of initial burst release were assessed. Individual and multioptimization of responses were performed on the experimental data gained in the current study to investigate the effect of process parameters on the responses and fit the suitable model corresponding to the main and interactive effects. Recording both the H2O2 and O2 release of microparticles revealed that these profiles are also influenced by process variables, PLLA concentration in particular. These results enable accurate selection of optimal process variables for the fabrication of oxygen‐releasing PLLA microparticles with desirable characteristics for a wide variety of applications.