In this paper, melamine–formaldehyde (MF) was used as the wall material, and epoxy resin was used as the core material to prepare microcapsules. The optical properties, mechanical properties and ageing resistance of waterborne topcoat were investigated by adding different mass fractions of microcapsules into the waterborne topcoat. Through scanning electron microscopy and infrared spectroscopy analysis, the prepared microcapsules of core-wall ratio of 0.50 were more uniform. It was found that

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... en the mass fraction of microcapsules is less than 10.0% and the core–wall ratio is 0.50, the original color difference of the coating can be maintained. With the increase in microcapsule mass fraction, the gloss of the topcoat film gradually decreases. The mass fraction of the microcapsule of 4.0% with the core–wall ratio of 0.50 can maintain the original gloss of 30.0 GU. The topcoat film with the MF-coated epoxy resin microcapsules of the core–wall ratio of 0.50 has high impact resistance, adhesion and hardness. The results showed that the gloss loss and color difference of the coating with the MF-coated epoxy microcapsules were the lowest when the mass fraction of microcapsules was 4.0%, indicating that microcapsules can improve the stability of coating. These results lay a technical foundation for the development and application of high-performance wood coatings.