Oil in water microemulsion which has many pharmaceutical applications was prepared and evaluated. As oil sources and emulsifier, two grades of oil and egg phosphatide were used, respectively. Vacuum high shear mixing and high pressure homogenizing were performed and in the homogenizing step, effect of the number of passes in the homogenizer on the stability of microemulsion was studied, using Coulter counter, photographic microscope and pH-meter. From above results, it was concluded that the stability of microemulsion made of refined soybean oil was better than that of food grade soybean oil and by five passes in the homogenizer at 6,000 psi, we could make stable microemulsion with average particle diameter below 1 ㎛, with no particle above 5 ㎛ and no significant change during 6 weeks stored.