Microcapsule technology is a common technique in the food industry for preservation and transmission of sensitive substances; such as oils and fats. It overcomes the shortcomings of traditional processes and produces products with good functionality and storage stability. Appropriate microcapsule technology and wall materials were used to encapsulate the target grease and can obtain microencapsulated grease. Compared with the traditional liquid grease; its stability; mobility and biological digestibility increased significantly. It creates some new features of food and has a broad application prospect in food industry. This paper briefly introduces the characteristics of grease; the basic principle of microcapsule technology and its role in the production of oil; and focused on introducing several kinds of wall and core materials which commonly used in microencapsulated grease. The paper summarizes the advantages and disadvantages and the scope of application of commonly methods of oil microencapsulation and its application in food industry.