V-type granular starch (VGS) obtained by aqueous-ethanol heat treatment at 50%, 60%, and 70% ethanol concentrations (E50VGS, E60VGS, and E70VGS) were used to encapsulate monoglycerides. The results showed VGS could encapsulate monoglycerides through granular surface adsorption and V-type complex formation. At higher-ethanol concentrations, monoglycerides tended to dissolve in ethanol rather than be encapsulated in VGS. At lower-ethanol concentrations, the encapsulation capacity of VGS decreased due to destruction of its granular and crystalline structure. For the encapsulation mode of granular surface adsorption, 70% ethanol was the optimal encapsulation ethanol concentration for all VGS. For V-type complex formation, each VGS had different optimal conditions, i.e., 0.5 g monoglycerides in 50% ethanol for E50VGS, 0.33 g monoglycerides in 50% ethanol for E60VGS, and 0.25 g monoglycerides in 30% ethanol for E70VGS. All VGS could rapidly encapsulate monoglycerides at room temperature. • Amylose in V-type granular starch (VGS) did not leach out in 30% ethanol and above. • VGS could encapsulate monoglycerides (MG) by granular surface adsorption and V-type complex formation. • At higher ethanol concentrations, MG tended to dissolve in ethanol rather than be encapsulated in VGS. • The ΔH of V-type complex rapidly reached a plateau when increasing amounts of MG. • VGS could rapidly encapsulate MG at room temperature.