For the fine-pitch application of flip-chip bonding with semiconductor packaging, fluxing and hybrid underfills were developed. A micro-encapsulated catalyst was adopted to control the chemical reaction at room and processing temperatures. From the experiments with a differential scanning calorimetry and viscometer, the chemical reaction and viscosity changes were quantitatively characterized, and the optimum type and amount of micro-encapsulated catalyst were determined to obtain the best pot life from a commercial viewpoint. It is expected that fluxing and hybrid underfills will be applied to fine-pitch flip-chip bonding processes and be highly reliable.