The common, commercial reversible thermochromic (RT) melamine–formaldehyde resin microcapsules containing formaldehyde are very harmful to human health. To address this issue, we successfully prepared a novel formaldehyde-free microcapsule via interfacial polymerization using RT compositions as the core and poly(urethane-urea) (PUU) as the shell. The core material consisted of a color former (crystal violet lactone), a developer (bisphenol AF), and a solvent (methyl stearate). To optimize the synthesis of the microcapsules, an L9 (34) orthogonal design and single-factor experiments were employed to analyze the effects of four factors (N3300-to-L75 shell material mass ratio, core-to-shell material mass ratio, emulsifier concentration, and shear rate during emulsification) on the encapsulation efficiency. The results showed that the optimal parameter values were as follows: a shear rate of 2500 rpm, N3300-to-L75 shell material mass ratio of 1:4, core-to-shell material mass ratio of 11:5, and emulsifier concentration of 3.5%. The influence of the shear rate on the particle size and distribution, surface morphology, dispersibility, and reversible thermochromic properties of the microcapsules was investigated. Furthermore, analyses on the phase-change characteristics, thermal stability, ultraviolet aging, and solvent and acid–base resistances of the microcapsules were conducted systematically. Finally, a reversible thermochromic mark containing the RTPUU microcapsules was designed and fabricated, which could be used against falsification. Moreover, these RTPUU microcapsules can be potentially used for anticounterfeiting applications.