Carboxymethyl cellulose (CMC) was grafted onto the surface of soy protein isolate (SPI) to obtain soy protein isolate-carboxymethyl cellulose conjugate (SPC). Avermectin (AVM) was hydrophobically encapsulated as a model drug to obtain SPC@AVM. The reaction between SPI and CMC was confirmed by infrared spectroscopy, thermal analysis and SDS-PAGE electrophoresis. The results of scanning electron microscopy showed that the average particle size of the drug-loaded microspheres was 129 nm and the shape of microspheres changed from block to spherical after the addition of AVM. After encapsulation of AVM, the absolute value of zeta potential was greater than 15 mV, which indicated better stability. Compared to AVM solution, SPC@AVM showed more wettability on the leaf surface and the contact angle on the leaves decreased from 71.64° to 57.33°. The maximum liquid holding capacity increased by 41.41%, from 8.85 to 12.52 mg cm
−2
, which effectively reduced leaf loss. SPC@AVM also prevented UV photolysis, wherein the half-life was extended from 18 to 68 min when exposed to UV light. Moreover, toxicity tests showed that the encapsulation of AVM was beneficial to retain the insecticidal effect of AVM in the presence of ultraviolet light. The release rate of AVM showed pH responsiveness and the release rate under neutral conditions was faster than acidic and alkaline conditions. Moreover, the process conformed to the Weibull model.