This objective of the research study was to determine the effect of type and amount of the carrier (wall material of microcapsules) as well as of the addition of antioxidants on stability of spray dried microencapsulated fish oil after the microencapsulation process and during subsequent storage of the powder obtained. The ‘ROPUFA ‘30’ N-3 FOOD OIL’ fish oil constituted the core of microcapsules. The carriers (walls of microcapsules) were made of arabic gum, maltodextrin (glucose equivalent 16.4), and starch sodium octenyl succinate (E1450). Green tea extract and butylated hydroxyanisole – BHA (E320) were applied as antioxidants. The amount of fish oil added equalled 10 % of the emulsion weight, and the amount of the carrier added ranged from 20 to 30 %. The stability of microencapsulated fish oil was determined by measuring the peroxide value of oil extracted from the whole microcapsules and from their surfaces. The research analysis was conducted over a period of eight months. Based on the results obtained, it was found that the fish oil analysed was already partially oxidized during the stage of spray drying of emulsions, which contained this oil. Fish oil, enclosed in microcapsules composed of modified starch, was characterized by a higher stability compared to the oil contained in microcapsules with gum Arabic. The adding of maltodextrin to microcapsules made of gum Arabic caused the oxidative stability of microencapsulated fish oil to increase significantly. The adding of antioxidants caused the oxidative stability of microencapsulated fish oil to improve. The green tea extract appeared to be a more effective antioxidant.