Nutmeg plant (Myristica fragrans Houtt.) is one that comes from the Banda Island. Indonesia exports 60% of the world's nutmeg seeds and mace. Nutmeg butter is one of the ingredients in nutmeg which is produced from the extraction process with hexane solvents using Ultrasound-Assisted Extraction (UAE) at a temperature of 45˚C for 37.5 minutes. Nutmeg butter has properties that are easily damaged by light and heat, so the encapsulation process is carried out to increase shelf life and selling value. This research was conducted to determine the best combination and effect of maltodextrin variations and homogenization speed in the analysis of water content, water activity, color measurement, and antioxidant activity in nutmeg butter encapsulate. The encapsulation method used is vacuum drying using low pressure with a temperature of 50˚C for 48 hours. In this research, the coating material used is maltodextrin isolate and whey protein (WPI) as emulsifier (WPI:nutmeg butter = 6:4). The independent variables used were maltodextrin(MD)(MD:nutmeg butter = 2:4, 4:4, dan 6:4)and homogenization speed (3000, 3500, and 4000 rpm). Furthermore, the results of physical property, namely color measurement CIELab and chemical properties, namely moisture content, water activity, and antioxidant activity were then analyzed using SPSS (One Way ANOVA and Duncan). Based on the research, it can be concluded that the optimum nutmeg butter encapsulate formula is at a 2 gram maltodextrin concentration and 3000 rpm homogenization speed. This was chosen because the highest antioxidant activity was 94,598%, the water content of the encapsulate powder was 7,788% (according to SNI standards <12%), water activity was 0,626, and a bright yellow powder color was obtained (L * value = 88,247, a * value = 1,215, and the value of b * = 25,7). The combination of maltodextrin variation with homogenization rate was significantly different (α <0,05) on the physical characteristics of the encapsulate with the color measurement value b* and water activity, but not significantly different (α> 0,05) on moisture content and color measurement value L*.