The present invention relates to a method of encapsulation by coacervation of fine particles of a very reactive substance such as an alkali metal or a very powerful reducing agent. The said substance is suspended in a polyurethane resin solution made up of constituents which do not react with the substance, the coacervate is obtained by adding more of one of the constituents of the solution, the resulting mixture is dispersed in a slightly polar liquid which does not mix with the mixture and contains in solution an agent for cross-linking polyurethane resin, and the encapsulated substance is then separated from the liquid and dried.