The synthesis and characterization of magnetic polystyrene microspheres were reported. The magnetic polymer microspheres containing 0.067% Fe3O4 and having 0.06-0.7μm mean diameter were synthesized in the presence of magnetic fluid, by the improved emulsion polymerization of styrene. It has a spherical appearance and the internal construction of multi-phases. The magnetic polymer microspheres can be separated by magnetic field. The microspheres have narrow distribution of diameter, excellent mechanical stability and acid-resistivity. Experiments have indicated that, the less initiator and emulsifier, the larger microsphere diameter; the ethanol content in dispersion media has a great effect on formation of magnetic polystyrene microspheres, increasing ethanol content can make the microsphere diameter reach 1 mm.