To obtain coated powder consisting of a core material such as a flavor composition, high in oxidation resistance, causing neither deterioration nor vanishment of flavor imparted to foods, drinks or perfumery with the coating powder even under a heat treatment, and also capable of control so as to gradually and sustainedly releasing flavor in a mouth when such food or drinks are eaten.

This coated powder is obtained by spraying a powdery or granular core material such as flavor powder 30-3,000 μm in particle size with a solution of a coating agent comprising a yeast cell wall fraction and at least one kind selected from thickening polysaccharides, oligosaccharides, hydrogenated oils-and-fats, waxes, sugar alcohols and starch hydrolyzates to coat the core material with the coating agent at 0.05-1.5 pt(s).wt. per pt.wt. of the core material.