Microencapsulation is an effective strategy to improve the storage stability of β-carotene. This article investigated the potential and effectiveness of soy protein isolate (SPI) and octenylsuccinic anhydride-modified starch (MS), alone or in combination (1:1, w/w), to encapsulate β-carotene by spray drying. The results indicated that the microcapsule with MS exhibited much lower encapsulation efficiency (NE) and poorer dissolution behavior, but much better redispersion behavior, than that with SPI or its blends with MS. The NE was basically unaffected by total solid content (TC) or core/wall ratio; increasing the TC impaired the dissolution and/or redispersion behavior. The dispersion behavior was closely associated with the morphology of the microcapsules. The encapsulated β-carotene suffered a progressive loss upon storage under high humid or temperature environment, but it exhibited extraordinary stability at low temperatures (e.g., 4°C). The β-carotene degradation was independent of sunlight. © 2014 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2014, 131, 40399.