A cyclotetraphosphazene derivative with eight chains was synthesized from octachlorocyclotetraphosphazene. The vesicles were prepared using the cyclotetraphosphazene derivative and cholesterol. The resulting vesicles were characterized by TEM and measurements of their encapsulation efficiency. The stability of the vesicles was enhanced with the addition of dihexadecylphosphate. The size and the encapsulation efficiency of the vesicles changed according to the amount of cholesterol added. The size and the encapsulation efficiency of the vesicle were lowest when the mole ratio (cholesterol: the cyclophosphazene derivative) was 0.9.