In the present study, the effects of ethanol to water ratio in feed solution on the physical properties of spray-dried alpha-lactose monohydrate were evaluated. Crystallinity of the spray-dried lactose was determined by isothermal microcalorimetry (IMC) and by differential scanning calorimetry (DSC). Water content of the spray-dried lactose was determined by thermogravimetric analysis and the surface area was evaluated by Brunauer, Emmett, and Teller (BET) method. The crystallinity of spray-dried lactose varied from 0% to 100%, depending on the ratio of ethanol to water in the feed solution. Lactose spray dried from pure ethanol was 100% crystalline and contained hydrate water. Lactose spray dried from pure water was 100% amorphous. The feed solution substantially affected the ratio of surface water to hydrate water, as the content of surface water increased and hydrate water decreased, while the crystallinity of spray-dried lactose decreased. Surface area of the spray-dried lactose increased as a function of amorphous content.