The objective of this work was to study the influence of some process conditions on the microencapsulation of flaxseed oil by spray drying. The process was carried out on a mini spray dryer and gum Arabic was used as wall material. Seventeen tests were made, according to a central composite design. Independent variables were: inlet air temperature (138–202 °C), total solid content (10–30% w/w) and oil concentration with respect to total solids (10–30% w/w). Encapsulation efficiency, lipid oxidation and powder bulk density were analyzed as responses. Powder morphology and particle size distribution were also analyzed. The feed emulsions were characterized with respect to droplet size and viscosity. Higher solid content and lower oil concentration led to higher encapsulation efficiency and lower lipid oxidation, which was related to the higher emulsion viscosity and lower droplets size. Increasing drying temperature resulted in higher lipid oxidation. Bulk density increased when higher solid content and lower inlet air temperature were used. The particles were rounded and shriveled, and their mean diameter was mainly affected by total solid content.