Abstract: Ultrasound-assisted maltodextrin（MD） was used to prepare maize yellow pigment（MYP） microcapsules to improve the solubility and stability of MYP, and to characterize its structure, physicochemical determination and performance determination, and to apply it to flavored fermented milk. The scanning electron microscopy and Fourier transform infrared results confirmed the formation of microcapsules. The particle size and potential proved that the microcapsules were nanoscale and stable. The thermogravimetric results showed that the microcapsules improved the thermal stability of MYP. Under optimal conditions, the embedding rate in microcapsules was 33. 51%. The solubility and stability of microcapsules were significantly improved, the antioxidant activity of microcapsules increased with the increase of MYP, and the bioavailability of microcapsules was significantly increased（P＜0. 01）. Compared with the control yogurt, the physicochemical indicators analyzed in the sample group did not show significant differences（p＞0. 05）. This study shows that the prepared MYP microcapsules can enhance the solubility, stability and slow-release properties of MYP, and can be used as colorants and antioxidants in yogurt.