A novel approach for the preparation of the colloidal conducting polyaniline (PANI) nanoparticles was developed. The polyaniline/partially phosphorylated poly(vinyl alcohol)(PANI/P-PVA) nanoparticles were prepared by the chemical oxidative dispersion polymerization of aniline monomer in 1.0 M HCl aqueous media with the partially phosphorylated poly(vinyl alcohol) (P-PVA) as the stabilizer and codopant. The PANI/ P-PVA nanoparticles were characterized by transmission electron microscopy (TEM), Fourier transform infrared (FTIR), thermal gravimetric analysis (TGA), electrical conductivity measurement, and redispersion stability testing. All the results were compared with the properties of the conventional polyaniline in the emeraldine salt form (PANI ES). It was found that the P-PVA/aniline feeding ratio obviously affected the morphology, redispersion stability and electrical conductivity of the PANI/P-PVA nanoparticles. When the P-PVA/aniline feeding ratio ranged from 50 to 60 wt %, the PANI/P-PVA nanoparticles showed spherical shape with good uniformity, significant redispersion stability in aqueous media, and good electrical conductivity up to 7 S/cm.