To provide a method for obtaining a microcapsule slurry excellent in storage stability by crushing microcapsule agglomerates in a microcapsule slurry obtained at the time of producing microcapsules in a liquid-phase method and thus forming microcapsule primary particles.

The following steps (1) to (4) are successively carried out: (1) a step of obtaining an aqueous emulsifying and dispersing agent solution; (2) a step of obtaining an emulsion of a core material by adding the core material to the aqueous emulsifying and dispersing agent solution and stirring the solution; (3) a step of obtaining a microcapsule slurry containing primary particles of microcapsules having the core material particles and a wall material and agglomerates of the primary particles by adding a material for forming the wall material to the emulsion; and (4) crushing the agglomerates by radiating ultrasonic wave to the microcapsule slurry.