To develop monoammonium phosphate (MAP) as a novel acid source for durable intumescent fire retardants (IFR), MAP microcapsules (MCMAPs) containing MAP as the internal core and melamine-formaldehyde (MF) as the external shell were prepared by in situ polymerization in this study. The influences of synthesis conditions (including reaction temperature, polymerization time, and reaction pH value) on the properties of obtained MCMAPs (MAP content, yield, morphologies, and thermal properties) were then investigated systematically. The morphologies, chemical structures, and thermal properties were characterized by optical microscopy, scanning electron microscopy (SEM), energy dispersive spectroscopy (EDS), Fourier transform infrared (FTIR) spectroscopy, and thermogravimetry analyzer (TGA). The results show that MAP was well encapsulated by MF resin. No microcapsules are obtained at <55 °C or with polymerization times <1 h. Optimal preparation conditions of reaction temperature, polymerization time, and reaction pH value are 75 °C, 3 h, and 5.5, respectively. Those results provide process reference and theoretical basis for preparing MCMAPs and could promote the application of MAP microcapsules in wood flame-retardant materials.