The work aims to study the effects of activated carbon on the package and heat release properties of menthol. The package property of activated carbon on menthol was analyzed by ATR-FTIR, TGA and SEM, and the thermal release property was analyzed by Py-GC/MS. The results showed that there were many small holes on the surface of activated carbon, which had strong package property on menthol. After the menthol was packaged with activated carbon, the thermal stability of menthol was significantly improved, and the maximum volatile peak increased from 195 ℃ to 251 ℃. The menthol had few pyrolyzates at 350 ℃. The main product was menthol with a relative content of 82.9%. The above results show that activated carbon could effectively package menthol, delay its release rate and achieve the effect of preserving fragrance. The menthol packaged with activated carbon has good stability and release properties under mild heating condition of heat-not-burn tobacco products. Activated carbon can be used as an adsorbent of menthol in heat-not-burn tobacco products.