Palm oil was microencapsulated with maltodextrin and soybean protein isolation as wall material, sucrose fatty acid ester and monostearin as compound emulsifier. The physicochemical property of microcapsule were tested, their thermal and storage stability, and particulate microstructure were preliminary explored. The result showed that the oil content of microcapsule was 38.21 %, protein content 24.68%, the angle of repose of the cone piled by freefall microcapsule 36.1°, water solubility 75.8%. The free flowability of the microcapsule was good with complete microstructure, smooth surface structure; the shape was globose or ellipsoid; the particle size was in the range of 0~40 μm. According to the thermogravimetric analysis, the microcapsule had good thermal stability, for high temperature had little influence on its quality. According to the storage test, the microcapsule had a good oxidation resistance for the peroxide value of palm oil was 6.5 mmol/kg during storage. According to the infrared spectrum, there was no chemical reaction between wall materials and core materials during spray drying. The palm oil microcapsule was good in performance and quality.