The global cosmetic industry is constantly searching for new ingredients with multifunctional properties. In this context, phenolic compounds (p-hydroxybenzoic, p-coumaric, and protocatechuic acids), cinnamic acid and ergosterol were evaluated for their anti-inflammatory, anti-tyrosinase and antimicrobial activities, and thereafter microencapsulated by the atomization/coagulation technique. After characterization (morphology, particle size distribution and encapsulation efficiency), the microencapsulated compounds were incorporated into a semi-solid base cream and their performance evaluated comparatively with the use of the free forms. The cosmeceutical formulations were checked regarding the presence of the bioactive compounds by HPLC-DAD, and for their physicochemical properties (colour and pH). The obtained results demonstrated the anti-tyrosinase, anti-inflammatory and antimicrobial activities of the individual compounds that, after incorporation, have shown a decreasing pattern along time. On the contrary, the formulations incorporating the microencapsulated bioactive compounds gave rise to a gradual release, ensuring bioactivity maintenance. These results underline the advantage of using microencapsulation to preserve and ensure the controlled release of bioactive species in cosmeceutical formulations.