Using the spray drying technique, starch derivatives (α-cyclodextrin, Octyl succinic acid esterifying starch Hi-cap and Octenyl succinate starch Capsul) were used to replace some maltodextrin in preparing Monascus pigment microcapsules. Powder characteristics tester, laser particle size distribution, scanning electron microscopy (SEM) and UV-vis spectrophotometer were used to measure the comprehensive characteristic indexes (differential angle and jet stream index), particle size distribution, microstructure and solubility. The results showed that α-cyclodextrin effectively increased Monascus pigment particle diameter and could significantly reduce the dust of Monascus pigment during spray drying. Compared with the control group, the samples were much smoother. SEM results showed that starch derivatives reduced broken pieces of the pigments significantly, which indicated that starch derivatives can protect the Monascus pigment powder to a certain degree, and reduce the broken rate of microcapsules. Both "Capsul" and "Hi-cap" increased the solubility of Monascus pigment. The starch derivatives could improve the color value. The study laid the theoretical foundation for developing Monascus pigment powder products.