Spray‐drying method was used for the microencapsulation of the extracted, purified phycocyanin from Arthrospira platensis to increase its stability and usability as a food colorant. The effect of process conditions – wall material type, ratio, and inlet‐air temperature – on physical and chemical properties was investigated. The moisture content and water activity of phycocyanin microcapsules were found as 1.80–3.18% and 0.15–0.24, respectively. The product with the largest particle size was 19.44 μm. Size distribution values were in 1.87–6.05. Optimum process condition was determined as 34.4% maltodextrin, 65.6% whey protein isolate, and 167.6°C inlet temperature. Moisture content (2.35%), aw (0.18), Tg (58.25°C), D[4,3] (11.92 μm), size distribution (2.016), color properties (L*: 79.37, a*: −6.69, b*: −5.29), total phenolic content (12.14 mgGA/L), and microencapsulation efficiency (87.11%) of the phycocyanin microcapsules were also determined at optimum. Microencapsulation efficiency increased with the maltodextrin and whey protein isolate together; the conditions of process variables were effective in the encapsulation process. Novelty impact statement: Phycocyanin was prepared in a double‐layer emulsion and dried in a spray dryer, thus preventing degradation caused by environmental factors.The physical and chemical properties of the final product were examined and modeled.The conditions required to obtain the microencapsulated phycocyanin with optimum properties were examined. [ABSTRACT FROM AUTHOR]