This study optimized physicochemical factors for the sphericity of capsule type-fish roe analogs using equipment with double nozzles. The manufacturing process of fish roe analogs was optimized by response surface methodology with central composite design. For the optimum conditions of sphericity, sodium alginate concentration, calcium chloride concentration, agitation speed of calcium chloride solution in a reactor, and dropping height were investigated as independent variables. Soybean oil was put into the equipment through an internal nozzle, along with sodium alginate solution through an external nozzle into calcium chloride solution. The optimum conditions for the production of fish roe analogs were 1.66% (w/v) sodium alginate, 1.86% (w/v) calcium chloride, agitation speed of calcium chloride at 280 rpm, dropping height at 17 cm between the tip of the nozzle and the surface of calcium chloride solution. Consequently, the fish roe analogs showed a high sphericity of 99.8±0.77% at optimal conditions.