The utilization of starch in the food and medical industry can be facilitated by using new non-chemical methods to make starch the only wall material to encapsulate microcapsules. In this study, soluble small molecular fraction obtained from corn starch by gelatinization and centrifugation methods and commercial soluble starch were used independently to encapsulate oil under the condition that wall material and core material were 2:1. Molecular weight of these starch fractions was measured firstly. The peak molecular weight of the soluble small molecular fraction of corn starch and commercial soluble starch was 3.537 × 10 Da and 2.720 × 10 Da, respectively. Basic physicochemical characteristics and application characteristics of the microcapsules were then characterized and compared. The soluble small molecular fraction of corn starch encapsulated microcapsule and the commercial soluble starch encapsulated microcapsule had high encapsulation efficiency (higher than 88%), high boiling water solubility (higher than 74%), high rehydration stability (higher than 2 h). Most importantly, the encapsulated oil of these microcapsules could be slowly released under the action of α-amylase and amyloglucosidase. Overall, both the soluble small molecular fraction of corn starch and commercial soluble starch could be used as microcapsule wall materials and might have great application potential in food and medicine.