The purpose of this study is to explore and develop biodegradable scaffold for bone regeneration or tissue engineering with the capacity of controlled drug delivery. Ceftazidime as a model drug was encapsulated in ethyl cellulose (EC) microspheres, which were subsequently incorporated in a hydroxyapatite/polyurethane (HA/PU) composite scaffold to generate an antibiotic drug delivery system. HA/PU scaffolds had an interconnected pore network with an average porosity of about 83%. The presence of microspheres in the composite scaffolds was confirmed by scanning electron microscopy. The drug-loaded EC microspheres were uniformly distributed in the HA/PU scaffold matrix and showed no significant effect on the pore structure of the scaffold. Incorporation of microspheres into scaffolds significantly reduced the initial burst release, and the system exhibited a sustained release of the model drug for up to 60 days. Moreover, the scaffold with drug-loaded microspheres was proved to be an effective drug delivery system with good cytocompatibility and antibacterial properties. The novel drug-loaded microsphere/scaffold composites developed in this study are promising to serve as vehicles for controlled drug delivery in bone regeneration or bone tissue engineering.