It is of importance to understand the viscosity behavior of polymer solutions containing microcapsules of various functionalities in manufacturing desired functional fibers and fabrics. Polymer solutions with functional microcapsules are called complex fluids because their viscosities depend on various factors such as molecular weight and its distribution of binder polymers, and content, material characteristics, size and shape of the microcapsules. In this paper, we have investigated the dynamic rheological properties of the complex fluids and the mechanical properties of the film prepared from the complex fluids in terms of content of the microcapsules.