In this study, the Pigment Red 48:2 (PR48:2) and oxidized polyethylene (OPE) wax were evenly dispersed in the aqueous phase by ball‐milling method, and then the composite nanoparticles of styrene‐butyl acrylate (P(St/BA)) resin co‐encapsulated PR48:2 and OPE wax were prepared via in‐situ emulsion polymerization. The morphology, size distribution, composition, thermal properties, colorimetric performance, acid–alkaline resistance, and anti UV‐aging ability of the encapsulated nanoparticles were characterized by different analytical techniques. When the sodium dodecyl sulfate (SDS) concentration was 0.01 mol/L, the average size of encapsulated nanoparticles was about 120 nm, the particle dispersion index (PDI) was 0.132, and composite nanoparticles owned narrow size distribution and clear core–shell structure. Compared with original pigment, the encapsulated nanoparticles have better anti UV‐aging property and acid–alkaline resistance. When the PR48:2 content was 0.5 g, the color changes of the encapsulated nanoparticles after soaking in alkaline solution for 30 days and UV light exposure for 60 days were only 1.70 and 6.59, respectively, indicating that the encapsulated nanoparticles have excellent color stability.