The aim of the present study was to investigate the potential of a phospholipid-based microemulsion formulation for parenteral delivery of anticancer drug, etoposide. The microemulsion area was identified by constructing pseudoternary phase diagrams. The prepared microemulsions were subjected to different thermodynamic stability tests. The microemulsion formulations that passed thermodynamic stability tests were characterized for optical birefringence, droplet size, viscosity measurement, and pH measurements. To assess the safety of the formulations for parenteral delivery, the formulation was subjected to compatibility studies with various intravenous infusions and in vitro erythrocyte toxicity study. The developed formulation was found to be robust and safe for parenteral delivery.