Phase-separation behavior within polymerizing divinylbenzene/ toluene droplet dissolving polystyrenes (PS) was investigated to clarify the formation mechanism of the hollow polymer particles by suspension polymerization. No hollow particles were obtained at a low content of low-molecular-weight PS where phase separation occurred at high conversion. On the other hand, hollow particles were obtained at a high content of high-molecular-weight PS where phase separation occurred at low conversion. The phase separation in an early stage of the polymerization, which was promoted by the presence of PS and cross-links of polydivinylbenzene, was a key factor for the formation of the hollow structure.