Hollow microspheres are made by a process which comprises forming a film of a dispersed particle film-forming composition (containing dispersed particles, a binder, a film stabilizing agent and a continuous liquid phase) across a coaxial blowing nozzle, applying a blowing gas at a positive pressure on the inner surface of the dispersed particle composition film to blow the film and form, in the region of the coaxial blowing nozzle orifice, hollow dispersed particle microspheres having stable film walls, removing the hollow microspheres, treating them to bring dispersed particles into point to point contact and harden them to obtain hollow green microspheres, and subsequently subjecting them to a sufficiently high temperature for a sufficient period of time to remove the continuous liquid phase and to sinter the dispersed particles at their points of contact to form within the walls of said hollow microspheres interconnecting voids that are continuous from the outer wall surface to the inner wall surface of the hollow microspheres, and to obtain hollow porous microspheres having substantially uniform void content and substantially uniform distribution of the voids in their walls.