This study deals with the temperature adjusting performance of thermoregulated woven fabric based on phase-change microcapsules in low-temperature environment. Phase-change microcapsules containing n-octadecane (MicroC18) with melamine–urea–formaldehyde as shell were synthesized by an in situ polymerization using styrene maleic anhydride copolymer as emulsifying agent. Surface morphology, chemical structure, and thermal properties of MicroC18 were, respectively, characterized using field emission scanning electron microscope, Fourier transform infrared spectroscopy, X-ray diffraction, differential scanning calorimetry, and thermal gravimetric analysis. The results indicate that a series of microcapsules with spherical shapes were fabricated with about 20.6-μm weight-average particle size. Latent heat is about 188.2 J/g and encapsulation efficiency of n-octadecane (C18) is 85.2%. Phase-change microcapsule composite fabric was prepared through foaming method with plain weave, twill weave, and satin weave as substrates. Thermal insulation property, low-temperature resistance, air permeability, and mechanical property of the finished fabric were investigated. The results show that the cooling rate of finished fabric is significantly slower, and low-temperature resistance time increases. Finished satin fabric has the best thermal resistance performance. The air permeability of finished fabrics is lightly reduced, and final elongation in warp and weft are increased by 16.5% and 15.2%, respectively.