We investigate the impact of ternary phase behavior on the microstructure of porous polymer particles produced by solvent extraction of polymer solution droplets by a nonsolvent. Microfluidic devices fabricated by frontal photopolymerization are employed to produce monodisperse polymer (P)/solvent (S) droplets suspended in a carrier (C) phase before inducing solvent extraction by precipitation in a nonsolvent (NS) bath. Model systems of sodium poly(styrenesulfonate) (P), water (S), hexadecane (C), and either methyl ethyl ketone (MEK) or ethyl acetate (EA) as NS are selected. Extraction across the liquid–liquid interface results in a decrease in the droplet radius and also an ingress of nonsolvent, leading to droplet phase demixing and coarsening. As the concentration of the polymer-rich phase increases, droplet shrinkage and solvent exchange slow down and eventually cease, resulting in microporous polymer particles (of radius ≃50–200 μm) with a smooth surface. The internal structure of these capsules, with pore sizes of ≃1–100 μm, is found to be controlled by polymer solution thermodynamics and the extraction pathway. The ternary phase diagrams are measured by turbidimetry, and the kinetics of phase separation is estimated by stopped-flow small-angle neutron scattering. The higher solubility of water in MEK results in faster particle-formation kinetics than in EA. Surprisingly, however, the lower polymer miscibility with EA/water results in a deeper quench inside the phase boundary and small phase sizes, thus yielding particles with small pores (of narrow distribution). The effects of droplet size, polymer content, and nonsolvent quality provide comprehensive insight into porous particle and capsule formation by phase inversion, with a range of practical applications.