A process of preparation of microcapsules having a shell and a core that includes a waxy solid, includes (a) dispersing particles of waxy solid material in a water-immiscible liquid in which the waxy solid material is insoluble; (b) emulsifying the resulting dispersion into an aqueous solution of a capsule wall-forming material to form an emulsion of droplets; (c) forming a coating of the capsule wall-forming material on the emulsified droplets containing the dispersed waxy solid particles to provide capsules; (d) heating the capsules to a temperature above the melting point of the waxy solid material; and (e) cooling the capsules to a temperature below the melting point of the waxy solid material.