This study investigated drug/zein composite fibers prepared using a modified coaxial electrospinning process. With unspinnable acetic acid as sheath liquid and an electrospinnable co-dissolving solution of zein and ferulic acid (FA) as core fluid, the modified coaxial process could run smoothly and continuously without any clogging. Compared with those from the single-fluid electrospinning process, the FA-loaded zein fibers from the modified process were rounder and possessed higher quality in terms of diameter and distribution, as verified by scanning electron microscopic observations of their surface and cross-section. Differential scanning calorimetry and X-ray diffraction showed that fibers from both processes similarly formed a composite with the FA present in the zein matrix in an amorphous state. The driving force of encapsulation of FA into zein fibers was hydrogen bonding, as evidenced by the attenuated total reflectance Fourier transform infrared spectra. However, in vitro dissolution tests demonstrated that the fibers from the coaxial process exhibited better sustained-release profiles with a smaller initial burst effect and less tailing-off release compared with those from the single process. The modified coaxial electrospinning process is a useful tool for generating nanofibers with higher quality and improved functional performance.