Sphericity and wall thickness uniformity are some of the hardest specifications to fulfill, as required by inertial confined fusion (ICF) research for polymer shells prepared by the microencapsulation technique. Driven by the need to control the deformation of compound droplets, the effects of the molecular weight of poly(vinyl alcohol) (PVA) on the formation and stability of the droplets, as well as the sphericity and wall thickness uniformity of the resulting shells, were investigated. On increasing the molecular weight of the PVA, the densities of the external water phases (W2) are almost the same, but the viscosity of the W2 phase increases more quickly than the interfacial tension. This makes the detaching force increase more quickly than the upward one, causing the formation of compound droplets and detachment from the oil tube. On the other hand, the increase in interfacial tension makes the maximum pressures (Pmax) in the O phase (O) of the compound droplets increase, causing them to rupture easily and decreasing their stability. However, for PVA with the same molecular weight, the viscous shear force in the flowing field reduces the role of gravity and makes the inner water droplet move towards the center of the compound droplet, decreasing its Pmax in the flowing field and improving its stability. Moreover, during the solidifying process, the viscous shear force increases more quickly than the interfacial tension force due to the quicker increase in viscosity with an increase in the molecular weight of the PVA. The increase in the viscous shear force can make the droplets deform, resulting in a decrease in their sphericity. However, the appropriate viscous shear force can also center the compound droplet—although they become decentered when the viscous shear force is too large, leading to the wall thickness uniformity increasing at first before decreasing quickly. The results presented in this work provide a more in-depth understanding of the formation, stability and deformation of compound droplets, to the benefit of preparing polymer shells with the high sphericity and uniform wall thickness needed in ICF experiments.