Spray-dried gelatin/oxidized corn starch (G/OCS) microcapsules were produced for drug release application. The prepared microcapsules were characterized through a scanning electron microscope (SEM) picture and thermogravimetric analysis (TGA). The swelling characteristics of the G/OCS microcapsules and release properties of vitamin C were then investigated. The results from structural analysis indicated that the presence of miscibility and compatibility between oxidized corn starch and gelatin, and exhibits high thermal stability up to 326 °C. The swelling of G/OCS microcapsules increased with increasing pH and reduced with decreasing ionic strength, attributed to the cross-linking between gelatin and oxidized corn starch, ionization of functional groups. Vitamin C release characteristic revealed controlled release behavior in the first 3 h of contact with an aqueous medium. This release behavior was independent of the swelling behavior indicating the potential of the encapsulating matrix to produce controlled release across a spectrum of pH environment.