The potential of sodium alginate (ALG) and gum arabic (GA) as wall polymers for L-ascorbic acid (AA) encapsulation as a tool for their preservation against the thermo-oxidative degradation was investigated. The influence of such polymers used as wall material on the AA-content, size, encapsulation efficiency, encapsulation yield and thermo-oxidative stability were evaluated. The AA-microparticles were obtained using the spray-drying technique. An experimental Taguchi design was employed to assess the influence of the variables in the encapsulation process. The microparticles morphology and size distribution were characterized by scanning electron microscopy and laser diffraction. The thermal stability of AA microparticles was studied by differential scanning calorimetry and thermogravimetry analysis. This work points out the viability to encapsulate AA using GA and ALG through a spray-drying process. In general, a product yield ranging from 35.1% to 83.2% and an encapsulation efficiency above 90% were reached. Spherical microparticles with a smooth surface were obtained with a mean diameter around 6 μm and 9 μm for the those prepared with GA and ALG, respectively. The thermo-oxidative analysis showed that both polymers allow maintaining AA stable up to 188 °C, which is higher than the traditional processing temperature used in the fish feed industry.