The invention relates to a functional microcapsule-finished composite fabric, comprising a fabric layer, a microcapsule layer and a third layer, wherein the microcapsule layer is composed of microcapsules which are uniformly dispersed between the fabric layer and the third layer like spots, the microcapsule comprises at least one or an arbitrary mixture of more than one selected from the group consisting of an aromatic microcapsule, a variable-color microcapsule, a phase change microcapsule, an antibacterial microcapsule, a drug-sustained-release microcapsule and a flame-retardant microcapsule, and the fabric layer, the microcapsule layer and the third layer are connected through an adhesive or connected via an adhesive film in a pressing compounding manner. According to the invention, on the premise that functionality of a textile is guaranteed, the structure of the composite fabric is improved, so air permeability and hand feel of the fabric are improved, and washability and wear resistance of the textile are enhanced in virtue of the composite fabric.