The disclosure discloses a method of preparing electric and temperature dual-control bi-stable color-changing dyes and microcapsules, belonging to the technical fields of fine chemicals and materials science. According to the disclosure, after an electrolyte, a leuco dye and an organic solid material are mixed according to 1:(2-10):(15-50), a series of electric and temperature dual-control bi-stable color-changing dye compounds having a color change temperature range of −5° C. to +80° C. can be prepared. The dye compounds change color under cooperative control of electricity and temperature, and can be continuously stable at a certain color change state according to different conditions, and finally achieve controllable color change conditions and controllable color change stable states. When being driven by voltage and temperature, the dual-control bi-stable color-changing microcapsules prepared according to the disclosure achieve controllable color change performance and color change stable states, and have the driving voltage being lower than 10 V (much lower than the human body safety voltage 36 V).