The oil/water microemulsion polymerizations of butyl acrylate initiated by a water (ammonium peroxodisulfate, APS) or oil (dibenzoyl peroxide, DBP) soluble radical initiator at different emulsifier concentrations were investigated. The rate of polymerization vs. conversion curve shows two intervals. The rate of polymerization is found to decrease with the emulsifier concentration. This finding was discussed in terms of the decrease of both radical and monomer concentration, the chain transfer to emulsifier, desorption of chain-transferred radicals, and the contribution of solution polymerization. The polymerization is faster with APS. In the APS system the rate per particle or the number of radicals per particle increases exponentially with increasing particle size. The particle size and number increase during the whole polymerization. This behavior was discussed in terms of the nucleation of monomer-containing micelles and agglomeration of primary particles during the whole polymerization.