Micro-damages always occur and accumulate in asphalt pavement materials under the effects of temperature, vehicle loads and other factors during service. Accordingly, self-healing microcapsules could be added into asphalt binder and repair micro-damages to prevent damage extension in time. In this study, the emulsified rejuvenator and melamine-urea-formaldehyde resin (MUF) were selected as the core and cyst wall materials, respectively, and in-situ polymerization method was applied to synthesize the novel microcapsules. The effects of emulsifier dosage and curing time were revealed on the particle size, dispersion, surface morphology and coating properties, and the optimum process parameters were determined for microcapsules. Then, the micro morphology, molecular structure, and thermal stability were further investigated to determine the optimal preparation of the microcapsules. Finally, the linear amplitude sweep (LAS) test was performed to evaluate the self-healing efficiency of the asphalt binder with different dosages of prepared microcapsule, and the optimal dosage of microcapsules was determined as 0.5%.