The utilization of interfacial polymerization in the preparation of microcapsules with a slow-controlled release has been shown to effectively improve pesticide efficacy and reduce environmental pollution. In this study, polyurea microcapsules loaded with lambda-cyhalothrin were prepared by an interfacial polymerization method using modified isocyanate (MDI) as the wall material and GT-34 as the initiator. The microcapsules were fully characterized by optical microscopy, scanning electron microscopy, Fourier transform infrared spectroscopy, thermogravimetric analysis, etc., and release behaviors were investigated. The results indicated that the microcapsules had a smooth surface and uniform distribution, the average particle size of the microcapsules was 1.97 μm, and the encapsulation efficiency of lambda-cyhalothrin microcapsules could reach 91.48%. Compared with other commercial formulations, the microcapsules exhibited an excellent sustained release property (>7 days) in a 50% acetonitrile aqueous solution (v/v). Subsequently, in vitro release studies showed that the lambda-cyhalothrin microcapsules could consistently control the release of the core materials at different pH, temperature, and MDI addition amount conditions. The release of lambda-cyhalothrin microcapsules was in accordance with the first-order model release, which was mainly by the Fickian diffusion mechanism. Furthermore, the biological activity on Myzus persicae showed that the microcapsules' persistence period was above 21 days, which was longer than that for the emulsifiable concentrate formulation.