The present invention relates to a wet preparation process of infant formula milk powder, wherein raw materials comprise vegetable oil, fresh milk, desalted whey powder, lactose, whey protein powder, oligosaccharide, compound vitamins, compound minerals, other nutrients, a microcapsule wall material and the like. The preparation method comprises: embedding vitamins, minerals, vegetable oil, oils in other nutrients by using a microcapsule technology; uniformly mixing the embedded vitamin powder, the embedded mineral powder, the embedded oil nutrient powder and other nutrients with the amount of less than 5% to obtain a mixture; mixing fresh milk, whey powder, lactose, whey protein and oligosaccharide, carrying out homogenization by using a high pressure homogenization machine, carrying out concentration and spray drying to obtain powdery base powder, and uniformly mixing the mixture and the base powder; and carrying out nitrogen filling quantitative package. According to the present invention, the part of the substances with characteristics of easy reaction generation and instability is embedded through the microcapsule technology, and the mixing and packaging preparation process is performed under a certain condition so as to reduce or prevent adverse reactions among the substances; and the prepared infant formula milk powder has advantages of good stability, good uniformity, good taste and assurance of nutritional activities of various components.