A microcapsule is produced by dispersing a liquid organic dispersion in an aqueous medium to form a capsule particle in the aqueous medium, the liquid organic dispersion containing an acid group-containing resin, a colored particle and an organic solvent, and the capsule particle comprising a disperse system containing the liquid organic dispersion, and a wall encapsulating the disperse system, wherein the acid group of the resin has been at least partly neutralized with an alkanolamine. The wall comprises the resin, and the resin may be crosslinked or cured with a crosslinking agent. Moreover, the process may comprise crosslinking or curing the resin constituting the wall with the crosslinking agent, and further crosslinking or curing the residual crosslinking agent with a polyfunctional compound. Such a process can produce a microcapsule has a small and uniform particle size while encapsulating a disperse system dispersed a colored particle in an oil phase.