Abstract: The present invention discloses a novel local anesthetic analgesic sustained-release drug delivery system. The system includes an internal aqueous phase, an external aqueous phase, an oil phase, an organic solvent, an isoosmotic regulator and a pH regulator. The internal aqueous phase includes an analgesic, a drug solvent and a drug solubilizer. The analgesic is selected from one of bupivacaine, levobupivacaine, ropivacaine, lidocaine and tetracaine, and the analgesic is in a free base form or an acid saline form; the drug solvent is selected from inorganic acid containing N or P; and the drug solubilizer is selected from one or more of saccharide and ring-shaped organic acid. The multivesicular liposome prepared in the present invention has the advantages of high encapsulation percentage and drug loading capacity, uniform grain size, and good sustained-release effect.