Wet spun microfibers have great potential in the design of multifunctional controlled release materials. Curcumin (Cur) and vitamin E acetate (Vit. E Ac) were used as a model drug system to evaluate the potential application of the drug-loaded microfiber system for enhanced delivery. The drugs and polyacrylonitrile (PAN) were blended together and spun to produce the target drug-loaded microfiber using an improved wet-spinning method and then the microfibers were successfully woven into fabrics. Morphological, mechanical properties, thermal behavior, drug release performance characteristics, and cytocompatibility were determined. The drug-loaded microfiber had a lobed “kidney” shape with a height of 50 ~ 100 μm and width of 100 ~ 200 μm. The addition of Cur and Vit. E Ac had a great influence on the surface and cross section structure of the microfiber, leading to a rough surface having microvoids. X-ray diffraction and Fourier transform infrared spectroscopy indicated that the drugs were successfully encapsulated and dispersed evenly in the microfilament fiber. After drug loading, the mechanical performance of the microfilament changed, with the breaking strength improved slightly, but the tensile elongation increased significantly. Thermogravimetric results showed that the drug load had no apparent adverse effect on the thermal properties of the microfibers. However, drug release from the fiber, as determined through in-vitro experiments, is relatively low and this property is maintained over time. Furthermore, in-vitro cytocompatibility testing showed that no cytotoxicty on the L929 cells was found up to 5% and 10% respectively of the theoretical drug loading content (TDLC) of curcumin and vitamin E acetate. This study provides reference data to aid the development of multifunctional textiles and to explore their use in the biomedical material field.