The objective of this study was to prepare microcapsules and investigate their impact on the self-healing properties of asphalt. Microcapsules with various core–shell ratios were prepared by enveloping soybean oil with Melamine-Urea-Formaldehyde (MUF) resin through an in-situ polymerization method. The laser particle size analyzer, thermogravimetric analyzer, and scanning electron microscope were utilized to character the microcapsules and determined the optimal core–shell ratio. The rheological and self-healing performance of the microcapsule-modified asphalt were examined through frequency sweep, multi stress creep and recovery (MSCR), and Fatigue-Healing-Fatigue (F-H-F) tests conducted using a dynamic shear rheometer (DSR). The results indicate that microcapsules with various core–shell ratios exhibit uniform particle distribution and excellent thermal stability. Specifically, microcapsules with a core–shell ratio of 1:2 display a smooth appearance. The incorporation of microcapsules into asphalt impedes the flow of asphalt molecules and increases the initial flow temperature. When the microcapsules rupture, the released soybean oil modifies the rheological behavior of the asphalt, leading to a decrease in stress sensitivity and rutting resistance. Simultaneously, the remaining MUF resin imparts additional elastic recovery properties to the asphalt. The self-healing performance of microcapsule-modified asphalt was significantly enhanced, with a notable improvement observed as the microcapsule dosage increased. Moreover, elevating the healing temperature and extending the healing time were found to be effective strategies for enhancing the self-healing properties of microcapsule-modified asphalt. When the healing temperature matches the initial flow temperature, the healing index HI of 5% microcapsules modified asphalt approached nearly 100% within 5 min of healing time.