As promising delivery systems, smart microcapsules have garnered significant attention owing to their targeted delivery loaded with diverse active materials. By precisely manipulating fluids on the micrometer scale, microfluidic has emerged as a powerful tool for tailoring delivery systems based on potential applications. The desirable characteristics of smart microcapsules are associated with encapsulation capacity, targeted delivery capability, and controlled release of encapsulants. In this review, we briefly describe the principles of droplet-based microfluidics for smart microcapsules. Subsequently, we summarize smart microcapsules as delivery systems for efficient encapsulation and focus on target delivery patterns, including passive targets, active targets, and microfluidics-assisted targets. Additionally, based on release mechanisms, we review controlled release modes adjusted by smart membranes and on/off gates. Finally, we discuss existing challenges and potential implications associated with smart microcapsules.