Microcapsules with infrared and microwave compatible stealth function (RAM-MCPCM) are prepared with the method of the seeded micro-suspension polymerization, which uses Poly(styrene-divinylbenzene) as wall material and lauric acid as core material, doping two different types of radar absorbing material (RAM), nano-Fe3O4 and reduced graphene oxide. The microstructure and properties of microcapsules are characterized and measured through differential scanning calorimeter (DSC), scanning electron microscopy (SEM), vibrating sample magnetometer (VSM) and vector network analyzer. The results indicate that the phase change microcapsules (MCPCM) prepared by the seeded micro-suspension polymerization are regularly spherical with smooth surface. With the core wall mass ratio of 1.5:1, the MCPCM have the best the latent heat of phase change and encapsulation ratio, 99.2J/g and 57.4% respectively. The morphology of the RAM-MCPCM which still have relatively high latent heat of phase change are a slightly convex spherical surface. With the coating thickness of 0.5mm The Fe3O4-MCPCM/epoxy coating at 5.25GHz reaches the maximum absorption peak of -0.54dB and the RGO-MCPCM/epoxy coating at 8.8GHz reaches maximum reflectivity of -1.21dB. Two types of coatings have a certain temperature control effect when the ambient temperature is elevated and they have the function of infrared and microwave compatible stealth.