A novel biocompatible water-in-oil microemulsion was developed using nonionic surfactants and was investigated as a potential enzyme delivery system for pharmaceutical applications. The system was composed of isopropyl myristate/polysorbate 80 (Tween 80)/distilled monoglycerides/water/propylene glycol (PG), had a low total surfactant concentration (8.3% w/w), and was able to incorporate approximately 3% w/w aqueous phase containing horseradish peroxidase (HRP). Structural and activity aspects of the system were studied using a variety of techniques such as dynamic light scattering (DLS), electron paramagnetic resonance (EPR), and dynamic interfacial tension. The apparent hydrodynamic diameter of the empty droplets was calculated at about 37 nm. Different enzyme concentrations, ranging from 0.01 to 1.39 μM, were used for both DLS and EPR studies to effectively determine the localization of the macromolecule in the microemulsion. According to the results, for high enzyme concentrations, a participation of HRP in the surfactant monolayer of the microemulsion is evident. The number of reverse micelles in the microemulsion was defined by a theoretical model and was used to clarify how the enzyme concentration affects the number of empty and loaded reverse micelles. To assure that the system allows the enzyme to retain its catalytic activity, an oxidative reaction catalyzed by HRP was successfully carried out with the use of the model substrate 2,2'-azino-bis[3-ethylbenzothiazoline-6-sulfonic acid]. The influence of several parameters such as temperature, pH, and PG concentration was examined to optimize the reaction conditions, and a kinetic study was conducted revealing an ordered-Bi-Bi mechanism. Values of all kinetic parameters were determined. The release of the encapsulated enzyme was studied using an adequate receiver phase, revealing the effectiveness of the proposed microemulsion not only as a microreactor but also as a carrier for therapeutic biomolecules.