We herein present a novel and simple synthetic strategy for fabricating multihollow superparamagnetic magnetite/polystyrene nanocomposite microspheres via water-in-oil-in-water double emulsions. Amphipathic magnetite nanoparticles surface-modified with oleic acid act as an oil-soluble emulsifier and sodium dodecyl sulfate acts as a water-soluble surfactant in the system. The final products were thoroughly characterized by X-ray powder diffraction, Fourier transform infrared spectroscopy, transmission electron microscopy, and field-emission scanning electron microscopy, which showed the formation of multihollow magnetite/polystyrene nanocomposite microspheres. Preliminary results of magnetic properties of multihollow magnetite/polystyrene microspheres were reported. The effect of the content of amphipathic magnetite nanoparticles on the morphology of nanocomposite microspheres was studied. Furthermore, the mechanism of formation of multihollow magnetic nanocomposite microspheres was also discussed.