A method and an apparatus enabling manufacture of a microparticle dispersion liquid at high efficiency in a short time while suppressing drug degradation, etc., are provided. In a dissolving step, a poorly soluble drug and a dispersion stabilizer are dissolved in a volatile organic solvent in a container 13. In a fixing step following the dissolving step, the organic solvent, contained in a solution, is eliminated by evaporation, a pellet-form residue 1 is obtained by the organic solvent elimination, and the residue 1 is fixed on an inner wall of the container 13. In a water injecting step following the fixing step, water 2 is injected into an interior of the container 13. In an irradiating step following the water injecting step, laser light 1, emitted from a laser light source 11, is irradiated on the residue 1 fixed on the inner wall of the container 13, and the residue 1 is thereby pulverized and made into microparticles and a microparticle dispersion liquid, constituted of the microparticles being dispersed in the water 2, is manufactured. The microparticles contain the poorly soluble drug and the dispersion stabilizer.