The phase change microcapsule were prepared by the method of seeded micro-suspension polymerization, which was combined to the advantage of seeded emulsion polymerization and micro suspension polymerization, with styrene (St) and divinylbenzene (DVB) crosslinked polystyrene (PS) as the outer membrane and butyl stearate as core, AIBN, HPC and CaCO3 were used as initiator and compound dispersing agent, respectively. The morphological, thermal behavior and properties of microcapsules were characterized by scanning electron microscopy (SEM), differential scanning calorimeter (DSC), particle size analyzer and thermogravimetric analyzer (TG). The influence of polymerization method, crosslinking agent and dispersing agent on the morphology and properties of the microcapsules were investigated. The results indicated that the microcapsules which was prepared by seeded micro-suspension polymerization have uniformly distributed granular diameters were regularly spherical, and the latent heat and the coating rate increased by 29.4% and 15.1%, respectively. The crosslinking density of wall material, the tightness and the thermal stability were enhanced with the increasing of DVB content. When the weight ratio of HPC and CaCO3) was 2.2:1, the latent heat increased by 21.1%.