The invention provides a preparation method of electromagnetic composite hollow microspheres, relates to a preparation method of a composite hollow material and aims to solve the problems of poor conductivity, high density and high falling possibility of magnetic particles of the existing composite hollow material. The preparation method comprises the following steps: 1, preparing polystyrene microspheres; 2, dispersing the polystyrene microspheres in concentrated sulfuric acid, and sulfonating; 3, preparing a magnetic Fe3O4 nano particle suspension; 4, adding the sulfonic-group-containing SPS microspheres and the Fe3O4 nano particle suspension into a water solution; 5, adding ethanol and ammonia water, and dropwisely adding ethyl orthosilicate; 6, adding into a PVP-containing ethanol solution, and stirring; and 7, mixing an aniline solution with the PVP modified magnetic microspheres, dropwisely adding ammonium persulfate, drying, adding N,N-dimethylformamide, and soaking. For the prepared hollow microspheres, the conductivity is 0.01-1.0 S/cm, the density is low, and the magnetic particles are less prone to fall; and the hollow microspheres are mainly used in the fields of light-weight electromagnetic materials, photonic crystals, wave-absorbing materials and the like.