The hydrophilic–lipophilic deviation (HLD) model is firmly established in oil recovery and can be potentially applied in various other fields. In this work, the HLD concept is systematically used to prepare microemulsion for topical application using isopropyl myristate (IPM), squalane, water, mixed nonionic surfactants and magnesium ascorbyl phosphate (MAP). The clear water-in-oil (W/O) microemulsion formed spontaneously and has a consistent submicron droplet size below 30 nm. The microemulsion was characterized by particle size, electrical conductivity, electrophoretic mobility, viscosity and in vitro diffusion. The addition of one part of squalane to three parts of IPM in the oil blend prevented the percolation phenomenon and reduced the electrophoretic mobility of MAP. The inclusion of squalane to IPM in the oil phase reduced the cumulative amount of MAP permeated from the microemulsion, reduced the permeation coefficient of MAP and increased the lag time, reduced the steady-state flux and permeability coefficient as well. The microemulsion provided an alternative approach to encapsulate the water-soluble MAP in an oil matrix as a cosmetic active ingredient for the manufacture of personal care products.