Microcapsuled self-healing polymer is one of the hottest research topics in recent years. This paper summarized the repair mechanism of microcapsuled self-healing coatings. The common self-healing systems including dicyclopentadiene-Grubbscuring agent, epoxy resin-curing agent, polar solvent-epoxy resin, etc. were also introduced, from the aspects of their components, the stability of the microcapsule, the current research status and future development prospects. The preparation methods of microcapsule such as in-situ polymerization and interfacial polymerization were introduced as well. Meanwhile, the principle, characteristics, application scope of each preparation method, and their advantages and disadvantages were introduced. This paper also summarized the evaluation methods of the self-healing coating performances (mechanical properties and corrosion resistance). Self-healing microcapsule could recover 90% of the coating fracture toughness and 87% of coating adhesion between the layers. Electrochemical experiments indicated that microcapsuled self-healing coatings had better corrosion resistance compared with common coatings through measuring corrosion current and impedance. In addition, the repair progress of self-healing coatings could be explained through electrochemical experiments. At last, the applications of self-healing coatings were summarized, as well as the research trends of this filed.