Microencapsuled red phosphorus (MRP), with a phenolic resin coating layer, was successfully prepared. It was characterized by Fourier-transform infrared spectroscopy (FTIR) and Scanning electron microscope (SEM). Meanwhile its water absorption, thermostability, thermodynamic properties and critical ignition temperature (T-b) have been studied. The results show that the MRP which is coated with phenolic resin can decrease the water absorption, increase thermostability and critical ignition temperature (T-b) significantly, compared with red phosphorus (RP). The thermodynamic properties which include apparent activation energy (E), pre-exponential factor (A), activation entropy (Delta S-#), activation enthalpy (Delta H-#) and Gibbs free energy (Delta G(#)) of RP and MRP are obtained. Moreover, the MRP can reduce the water absorption and friction sensitivity of red phosphorus smoke agent significantly with the best content of phenolic resin is 0.5% or 1 %.