Soy peptide solution (40%, w/w) was successfully encapsulated in a W1/O/W2 double emulsion produced by a two-step emulsification process. Polyglycerol polyricinoleate (PGPR) was found to be an effective inner emulsifier compared to Span 60 and lecithin to produce stable W1/O primary emulsion. The primary emulsion was subsequently emulsified into an outer aqueous phase (W2) containing octenyl succinic anhydride (OSA) starch and maltodextrin. The droplet size and encapsulation efficiency of the peptide solution in W1/O/W2 emulsion were found to depend on the W1:O ratio, peptide concentration in the inner W1 phase and homogenization condition of the secondary emulsification step. The double emulsion with the highest encapsulation efficiency (>80%) was prepared by: (i) using 40% (w/w) soy peptide solution as W1 phase; (ii) controlling W1:O ratio at 3:7 (w/w) and (iii) homogenizing the emulsion at 10,000 rpm for 3 min. The freeze-dried microcapsule powder of W1/O/W2 emulsion showed higher encapsulation efficiency (>70%) compared to spray-dried one. The freeze-dried microcapsule of W1/O/W2 double emulsion developed in this study is a promising delivery matrix to encapsulate hydrophilic ingredients including peptides. Fourier-transform infrared spectroscopy (FTIR) spectra of the microcapsule powder indicated good compatibility between peptide and encapsulants.