To improve the stability of the phenolic extracts from plum fruit (Prunus salicina Lindl.), the microencapsulation conditions of spray drying were optimized by the response surface method. The Box-Behnken experimental results indicated the optimal conditions involved an inlet air temperature of 142.8 °C, a core material content of 23.7% and a feed solids content of 11.7%. The maximum microencapsulating efficiency was 87.7% at optimal conditions. Further, the physicochemical properties of the microcapsule powders were improved overall due to the addition of the coating agents. There were no statistically significant differences in phenolic content of the obtained microcapsules for the first 40 days of storage at 25 °C in dark condition (p > 0.05), and the retention rate of total phenol remained above 85% after 60 days. Microcapsules can be potentially developed as a source of natural pigment or functional food based on the advantages of rich phenolic compounds and red color.