Lipids including oils widely exist in nature and are rich in nutrients, thus, they have high application value in the fields of medicine, food and cosmetics. However, they are easily oxidized and deteriorated owing to the presence of unsaturated fatty acids, which limits their applications. Microencapsulation is an advanced technology with high practical value and has been widely applied in many fields. This technology can encapsulate lipids into microcapsules, by which lipids can not only be separated from oxygen in air to prevent oxidation and mask bad flavors, but also improve their different properties. In addition, microencapsultion can convert lipids into solid powders to offer special functions, which further broaden the applications of lipids. This article will provide an overview, focusing on the structure, preparation and release mechanism of microcapsules, as well as the advantages and application of microencapsulation technologies for different lipids. This review provides some theoretical basis for the study of oil microencapsulation of lipids, and offers reference for further use and development of lipid products or other bioactive substances.