The encapsulation of β-carotene was investigated using pullulan and whey protein isolate (WPI) as a composite matrix at a weight ratio of 20:80, employing both spray-drying and freeze-drying techniques. The influence of processing parameters such as the concentration of wall material, flow rate, and inlet temperature for SP encapsulants, as well as wall-material concentration for FZ encapsulants, was examined in terms of encapsulation efficiency (EE). The morphology, structural characterization, moisture sorption isotherms, and thermal properties of the resulting encapsulants at optimum conditions were determined. Their stability was investigated under various levels of water activity, temperature conditions, and exposure to UV-Vis irradiation. β-carotene was efficiently encapsulated within SP and FZ structures, resulting in EE of approximately 85% and 70%, respectively. The degradation kinetics of β-carotene in both structures followed a first-order reaction model, with the highest rate constants (0.0128 day-1 for SP and 0.165 day-1 for FZ) occurring at an intermediate water-activity level (aw = 0.53) across all storage temperatures. The photostability tests showed that SP encapsulants extended β-carotene's half-life to 336.02 h, compared with 102.44 h for FZ encapsulants, under UV-Vis irradiation. These findings highlight the potential of SP encapsulants for applications in functional foods, pharmaceuticals, and carotenoid supplements.