Squid oil was microencapsulated by spray drying method. Gelatin, sodium caseinate, maltodextrin were contained in spray drying formulation with or without lecithin and microcrystalline cellulose (Avicel). The thermal stability of the unencapsulated and encapsulated squid oils was determined by pressure differential scanning calorimetry (PDSC), Fourier transform infrared (FT-IR) microscopic photometer with DSC system and themogravimetric analysis (TGA). The results indicate that the above analytical apparatus is an easy and reliable method to investigate the samples and that the microcapsule prepared by spray-dried formulation with lecithin as an emulsifier and Avicel as a stabilizer exhibits more stable thermal stability and longer shelf-life.