Peonjahwan composed of crude herb, and materials and tissue of animals is a considerably bitter and poorly water-soluble oriental medicine for the treatment of hepatitis. Peonja dry elixir and Eudragit-coated peonja dry elixir were prepared using spray-dryer to mask the bitterness and enhance the release of ingredients from peonjahwan. The bitterness of peonja dry elixir and Eudragit-coated peonja dry elixir reduced to 1/2 and 1/4 of that from peonja powder, respectively. Furthermore, the release rate of bound bilirubin from dry elixir was significantly higher than that from peonja powder.