The invention discloses a device for continuously producing 
exenatide microspheres and a method for controlling the release rate of microspheres. By adopting the device disclosed by the invention, a 
high pressure gas in a 
high pressure container is transferred to a squeezing device through a 
pipe, microspheres are squeezed, are solidified in a primary solidification device and then enter a soft 
microsphere collector, a hydraulic transfer valve is used to transfer the microspheres to a large-volume device, the microspheres are stirred and solidified, the microspheres are collected to perform 
freeze drying for standby. The method disclosed by the invention comprises the following steps: dissolving 
drug powder in a strongly polar 
solvent B1, then adding the solution in a weakly polar 
solvent B2 dissolved with a 
polymer according to a ratio, wherein the 
drug can not be dissolved in the 
solvent B2 and the solvent B1 and the solvent B2 are completely mutually soluble; adding a water-soluble substance C in the B1 / B2 mixed solvent, performing high-speed stirring to mix the solution evenly, then dispersing the prepared suspension in the aqueous phase, and volatilizing the 
organic solvent to obtain the 
controlled release microspheres encapsulating the 
drug. Compared with the prior art, the 
exenatide poly(lactic-co-
glycolic acid) (
PLGA) 
controlled release microspheres which has high encapsulation rate, no 
burst effect and can be released evenly and completely, are successfully prepared by the method disclosed by the invention.