The aim of this study was to investigate the preparation, characterization, and encapsulation/release performance of an electrospun composite nanofiber mat. The hypothesis was that the composite nanofiber mat with nano-scaled drug particles impregnated in biocompatible and biodegradable polymer nanofibers can serve as an innovative type of tissue engineering scaffold with desired and controllable drug encapsulation/release properties. To test the hypothesis, the composite nanofiber mat electrospun from an emulsion consisting of poly (lactic-co-glycolic acid) (PLGA) Rhodamine B (a model compound to simulate drugs), sorbitan monooleate (Span-80, a non-ionic emulsifier/surfactant that is presumably non-toxic/safe for cell-growth), chloroform, DMF, and distilled water was prepared and characterized; and the Rhodamine B encapsulation/release profile in phosphate buffered saline (pH = 7.4) was recorded and analyzed. For comparison purposes, two additional nanofiber mats electrospun from (1) a solution containing PLGA and Rhodamine B, and (2) a solution containing PLGA, Rhodamine B, and Span-80 were also prepared and assessed as the control samples. The results indicated that the composite nanofiber mat electrospun from the emulsion had the most desired and controllable Rhodamine B encapsulation/release profile and the excellent morphological sustainability; thus, it could be utilized as both a drug encapsulation/release vehicle and a tissue engineering scaffold.