The effect of hydration degree on the structure of V-type starch and its thymol inclusion complex was investigated by encapsulating the thymol into V-type starch treated at different hydration times. The X-ray diffraction (XRD)， Fourier transform infrared (FTIR) spectroscopy， and differential calorimetry (DSC) were used to characterize V-type starch and its inclusion complexes， and the content of thymol was determined by gas chromatography. The results showed that the successful complexation between V-type starches and thymol was formed， and the inclusion complex exhibited an endotherm with peak temperature at 118 ℃. The inclusion complex after hydration for 72 h exhibited the largest endothermic peak with ΔH of (7.31 ± 0.29) J/g. The XRD results showed that the crystallinity of V-type starch increased from 35.2% to 41.1% as the hydration time increased from 0 h to 72 h. The water in internal and external of V-type starch granule reached balance after 72 h of hydration， and the water coating on the surface of the granules gradually disappeared and the particle roughness increased. The gas chromatography showed that the thymol content in the inclusion complex was positively correlated with hydration time. The research results provide a theoretical basis for the development of microcapsule wall materials of natural polymer materials， and are of great significance for the innovation and development of high-value applications of flavor compounds.