Abstract: Catfish head/fish fillet was used as the base material, and Maillard reaction products (MRPs) were obtained through high-pressure extraction, enzymatic hydrolysis, fermentation, and Maillard reaction, and microcapsule embedding technology was used to prepare micro capsule powder. In order to study the thermal stability of the microcapsule powder of MRPs, MRPs (sample A) and microcapsule powder (sample B) were prepared into solutions and heated at 90, 121, and 160 °C for 20 minutes. Each sample was recorded as A1, A2, A3 and B1, B2, B3 samples. The samples of each group were analyzed by electronic nose, solid phase microextraction/GC-MS and differential scanning calorimeter (DSC). According to the PCA analysis results of the electronic nose, from the main component 1, the distance between the A sample of MRPs (not heat-treated) and the heat-treated samples A1, A2, A3 were relatively large, while the distance between sample B and B1, B2 and B3 was small. GC-MS analysis showed that the different heat treatments of A sample and B sample would reduce the types of volatile flavor substances in MRPs, and the higher the heating temperature, the more obvious this reduction trend, but after microcapsule embedding in sample B, the type and relative mass concentration of volatile flavor substances were significantly higher than that of sample A. According to DSC analysis, after MRPs was embedded in microcapsules, the temperature at which an obvious endothermic peak appears was 40 ℃ higher than that of MRPs, could effectively broaden the release temperature of MRPs. In summary, after MRPs was processed by microcapsule embedding technology, the thermal stability was significantly improved.