An organic coating is commonly used to protect metal from corrosion, but it is prone to failure due to microcracks generated by internal stress and external mechanical action. The self-healing and self-lubricating achieved in the coating is novel, which allows an extension of life by providing resistance to damage and repair after damage. In this study, a new approach to microencapsulating bifunctional linseed oil with polyurethane shell by interfacial polymerization. Moreover, the self-healing and self-lubricating coatings with different concentrations of microcapsules were developed. The well-dispersed microcapsules showed a regular spherical morphology with an average diameter of ~64.9 μm and a core content of 74.0 wt.%. The results of the salt spray test demonstrated that coatings containing microcapsules still possess anticorrosion, which is improved with the increase of microcapsules content, after being scratched. The results of electrochemical impedance spectroscopy showed a |Z|_f=0.01Hz value of 10⁴ Ω·cm² for pure epoxy coating after being immersed for 3 days, whereas the coating with 20 wt.% microcapsules was the highest, 10¹⁰ Ω·cm². The results of friction wear showed that the tribological performance of the coating was enhanced greatly as microcapsule concentration reached 10 wt.% or more, which showed a 86.8% or more reduction in the friction coefficient compared to the pure epoxy coating. These results indicated that the coatings containing microcapsules exhibited excellent self-healing and self-lubricating properties, which are positively correlated with microcapsules content.