Electrophoretic displays (EPDs) are attracting a great deal of academic and commercial interest due to the advantages of both electronic displays and conventional paper. The key materials for EPD application of microcapsules are the electrophoretic particles and the capsule wall enwrapping the electrophoretic suspension inside. Here, black and white electrophoretic particles with low density and good dispersity such as titanium dioxide, carbon black, and Cu2Cr2O3 were prepared by surface modification of the pigments. The preparation and properties of the gelatin-based microcapsules prepared by complex coacervation methods are also summarized. The microcapsules have transparent and elastic walls of compact structure, which endows them with good barrier properties and thermal stability for EPD application. EPD prototype devices based on the obtained microcapsules were prepared and could be driven at 9 V.