The polymerization strategy plays a vital role in the preparation of functional microspheres. In this work, fluorescent poly (styrene‐co‐glycidyl methacrylate) (PSt‐GMA) microspheres were synthesized via one‐stage and two‐stage dispersion polymerization with 4‐Bis(5‐phenyl‐1,3‐oxazol‐2‐yl)benzene (POPOP) as fluorescence agent. SEM and DLS were adopted to characterize the properties of prepared microspheres. The UV‐vis and fluorescence spectroscopy were used to analyze the mechanisms of two‐stage dispersion polymerization. The experimental results showed that the size distribution and fluorescence intensity of prepared microspheres could be improved by two‐stage dispersion polymerization compared to one‐stage dispersion polymerization. In addition, according to UV‐vis, the interactions between POPOP and Poly (N‐vinyl pyrrolidone) (PVP) as well as POPOP and Glycidyl methacrylate (GMA) could affect the particle size and its distribution. UV‐vis and fluorescence spectra implied that the POPOP existed outside of the particle's core via two‐stage strategy. The monomer conversion of styrene was similar at the beginning of reaction; however, the monomer conversion of styrene by two‐stage strategy was higher than that of by one‐stage strategy. In a word, two‐stage dispersion polymerization could prepare fluorescent microspheres with the monodispersion micrometer‐size and high quality. © 2015 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2015, 132, 41927.