Inhibiting hydrate decomposition due to the friction heat generated by the drilling tools is one of the key factors for drilling hydrate formation. Since the existing method based on chemical inhibition technology can only delay the hydrate decomposition rate, a phase-change microcapsule was introduced in this paper to inhibit, by the intelligent control of the drilling fluid temperature, the decomposition of the formation hydrate, which was microencapsulated by modified n-alkane as the core material, and nano-silica was taken as the shell material. Scanning electron microscope (SEM), size distribution, X-ray diffraction (XRD), and Fourier transform infrared spectrometer (FT-IR) were utilized to characterize the structural properties of microcapsules. Differential scanning calorimetry (DSC) spectra displayed that the latent heat was 136.8 J/g in the case of melting enthalpy and 136.4 J/g in the case of solidification enthalpy, with an encapsulation efficiency of 62.6%. In addition, the prepared microcapsules also showed good thermal conductivity and reliability. By comparison, it was also proved that the microcapsules had good compatibility with drilling fluid, which can effectively control the temperature of drilling fluid for the inhibition of hydrate decomposition.