The adsorption behavior of a hydroxylated polymer onto gamma-Fe2O3 particles in a tetrahydrofuran/water solvent system was investigated. The saturation adsorption of the polymer decreased with an increase in the water content of the solvent system, and the degree of dispersion of the magnetic particles in the paint also decreased. It was shown that the water located not at the interface between the particles and the solution but in the solution. Water interacted with the polymer and increased the radius of gyration of the polymer in solution. Thus, the polymer did not interact with the particles, and the particles were prevented from having a high dispersion.