As a natural phenolic compound, carvacrol has attracted much attention due to its excellent antibacterial and antioxidant activities. However, its application is limited due to its instability, such as easy volatilization, easy oxidation, etc. Protein-polysaccharide interactions provide strategies for improving their stability issues. In this study, the plant-based carvacrol microcapsules via complex coacervation between walnut meal protein isolate (WMPI) and gum Arabic (GA) has been fabricated and characterized. The formation conditions of WMPI-GA coacervates were determined by some parameters, such as pH, zeta-potential, and turbidity. The optimum preparation conditions were achieved at pH 4.0 with a WMPI-to-GA ratio of 6:1 (w/w). The mean particle size, loading capacity (LC), and encapsulation efficiency (EE) of the microcapsules were 43.21 μm, 26.37%, and 89.87%, respectively. Fourier transform infrared spectroscopy (FT-IR) and fluorescence microscopy further confirmed the successful microencapsulation of carvacrol. The microencapsulation of carvacrol improved the thermal stability of the free carvacrol. The swelling capacity results indicated that it could resist gastric acid, and facilitate its intestinal absorption. Meanwhile, the carvacrol molecules trapped within the microcapsules could be continuously released in a concentration-dependent manner. Furthermore, the microcapsules presented good antioxidant activity and antibacterial activity against the Gram-negative (E. coli) and the Gram-positive (S. aureus) bacteria. These results indicated that the obtained carvacrol microcapsules have a potential application value as a food preservative in the food industry.