This work deals with the preparation of corticosteroid-loaded albumin microspheres designed for intra-articular administration. Dexamethasone was chosen as the model drug and bovine serum albumin was used as the biodegradable, natural polymer. Albumin microspheres were produced by spray drying, a 'one-step' technique seldom used in the preparation of microparticulate drug delivery systems with particle sizes < 10 microns. The effects of both polymer/drug ratio used in the formulations and the different heat-stabilization conditions were evaluated on morphology, size, solubility characteristics, drug loading and 'in vitro' drug release of the microparticles.