We have tried to prepare microcapsules containing water phase as a core material by using UV–curable resin and by utilizing the (W/O)/W dispersion. A merit of microencapsulation using UV curable resin is to shorten the time required to prepare microcapsules. In this preparation method, stability of the (W/O) dispersion in the (W/O)/W dispersion is very important, because inner water droplets coalesce and are removed from the microcapsules. In the experiment, water vapor permeability of model film made of UV–curable resin was estimated and the effect of oil soluble surfactant species on stability of the (W/O) dispersion was investigated. It was found out that model film made of monomer C (DCP–A) resulted in the lowest permeability for water vapor and the surfactant with HLB of 0.3 made the (W/O) dispersion more stable. As a result, we were able to prepare microcapsules containing water phase by using UV curable resin.