In this paper, tiger nut oil-loaded microcapsules (TNOMs) were prepared by complexation soybean protein isolate (SPI) and maltodextrin (MD) as wall materials using the spray drying method with tiger nut oil (TNO) as the core material, and its physicochemical properties and stabilities were characterized and analyzed. Under the optimum conditions, the encapsulation efficiency (EE) of TNOMs could reach up to 91.23%. Of note, after 60 days of storage at 60 °C, the peroxide value (PV) of TNO was almost 21.8 times as much as that of TNO encapsulated. Furthermore, TNOMs had good thermal stability below 200 °C and are sufficient for the general food processing needs. By fitting Arrhenius oxidation kinetics model, it was predicted that the shelf life of the product stored at 25 °C was 352.48 d. Therefore, it is promised to be applied to the development of high oleic acid food in the future. This study offered a theoretical framework for utilization and broadening the range of applications of TNO in the food industry.