The submicro-hollow microsphere polymer were prepared by emulsion polymerization and alkali swelling. The morphology and particle size of the hollow microspheres were characterized by SEM, TEM and DLS. And the covering performance of hollow microsphere polymer emulsion was tested. The effects of the initiator amount on the particle size of the core, the interlayer and shell component on the morphology of the hollow microsphere polymer were investigated. The results showed that the core particle size decreased with the increasing initiator amount. For the core with an average particle size of 148 nm, surface-smooth hollow microsphere polymer with an average particle size of 414 nm and a hollow rate of 40.6 % was prepared with the amount of BMA, MAA and MMA in interlayer was 10 wt%, 3 wt% and 87 wt% respectively, and the amount of St, crosslink agent in shell was 97 wt% and 3 wt% respectively. The as-synthesized hollow microsphere polymer exhibited excellent covering performance of 66 %.