The effects of ionic strength and solvent polarity on the equilibrium distribution of fluorescein (FL) and FITC-dextran between the interior of polyelectrolyte multilayer microcapsules filled with negatively charged strong polyelectrolyte and the bulk solution were systematically investigated. A negatively charged strong polyelectrolyte, poly(styrene sulfonate) (PSS), used for CaCO3 core fabrication, was entrapped inside the capsules. Due to the semipermeability of the capsule wall, a Donnan equilibrium between the inner solution within the capsules and the bulk solution was created. The equilibrium distribution of the negatively charged permeants was investigated by means of confocal laser scanning microscopy as a function of ionic strength and solvent polarity. The equilibrium distribution of the negatively charged permeants could be tuned by increasing the bulk ionic strength to decrease the Donnan potential. Decreasing the solvent polarity also could enhance the permeation of FL, which induces a sudden increase of permeation when the ethanol volume fraction was higher than 0.7. This is mainly attributed to the precipitation of PSS. A theoretical model combining the Donnan equilibrium and Manning counterion condensation was employed to discuss the results.