Physical characterization and oxidative stability of egg powder microencapsulated by spray drying were studied in this work. The wall material (gelatin, lactose, pullulan, and their mixtures) and liquid egg mixtures were prepared by homogenization at 22,000 rpm for 60s. The spray drying was carried out at pilot-scale spray dryer (Niro Mobile Minor, Soborg, Denmark). The spray-dried egg powders were analyzed for moisture content, water activity, peroxide value, total cholesterol oxidation products (TCOPs), particle properties, and bulk properties. Using gelatin as wall material resulted in a significant increase in the moisture content and water activity of egg powder during storage and it improved flowability. Egg powders containing pullulan as wall material showed a fibrous structure and had the lowest bulk density. Adding lactose as wall material increased the oxidative stability, which was indicated with lowest peroxide value and TCOPs level of egg powder.