The study was aim at the phase change material microcapsules which were prepared from waterbrone acrylic and waterbrone polyurethane as wall material, paraffin as phase change material, and azo foaming agent as core material. The particle size of microcapsules and the evaluation of finishing were investigated by varing stirring speed, the temperature of reaction and amounts of waterbrone polyurethane. The experimental results showed that the stirring speed affected the particle size distribution and amounts of microcapsules, and the temperature of reaction affected the solidification degree of microcapsules. The introduced amount of waterbrone polyurethane affected the washing fastness, air-permeability, and softness of the fabric after finishing. The microcapsulation of phase change material were in favor of increasing the theat-regenerating of fabrics.