This work describes an emulsification-solvent-evaporation method for the preparation of liquid-filled capsules made from cellulose acetate. Two different emulsification techniques were applied: bulk emulsification by high-shear mixing, and droplet generation using microfluidics. The bulk emulsification method resulted in the formation of oil-in-water emulsions composed of an organic mixture of isooctane and cellulose acetate in methyl acetate, and an aqueous phase of high-molecular-weight polyvinyl alcohol (PVA). Upon the solvent evaporation, the emulsion droplets evolved into isooctane-filled cellulose acetate capsules. In contrast, microfluidics led to the formation of monodisperse droplets composed of the aqueous PVA solution dispersed in the organic phase. Upon the solvent evaporation, the emulsion droplets evolved into water-filled cellulose acetate capsules. Owing to the thermoplastic properties of the cellulose acetate, the capsules formed with the bulk mixing demonstrated a significant expansion when exposed to an increased temperature. Such expanded capsules hold great promise as building blocks in lightweight materials.