Lost circulation is a critical technical challenge in the drilling and production process of underground oil and gas energy. In this study, a mechanically triggered release microcapsule for lost circulation control was designed and prepared with an in-situ polymerization using melamine, urea, formaldehyde, and diglycidyl ether of bisphenol A (healing agent) as raw materials. The structure and properties of the microcapsule were characterized by different techniques. The results show that the healing agent was successfully encapsulated by the resin shell, the median particle size (D50) of the microcapsules is 120.3 μm, and the thermal stability is excellent. The compatibility experiments show that the surface wettability and shear stability of the microcapsules are good in water-based drilling fluid. The compressive strength test reveals that the healing agent in the microcapsule is released and filled in the gap of the plugging zone under the contact pressure. The concentration of microcapsules and the size distribution of rigid particles are critical for the in-situ reinforcement effect. In addition, the fracture plugging performance of the microcapsule was studied. The results show that the pressure-bearing capacity of the plugging zone increases as the irregularity of the fracture surface increases. These findings indicate the microencapsulated healing agent is an effective lost circulation material (LCM), and provide a new technical idea for lost circulation control.