Core-shell-structured magnetic polystyrene (PS)/inorganic particles were fabricated by Pickering emulsion polymerization using nanosized Fe2O3 particles as a solid stabilizer. Scanning electron microscopy and transmission electron microscopy confirmed the synthesized PS/Fe2O3 particles to be comprised of a PS surface coated with Fe2O3 nanoparticles. The chemical structure of the composite nanospheres was characterized by Fourier transform infrared spectroscopy and X-ray diffraction. The thermal properties of composite nanospheres and corresponding pure polymer were examined by thermogravimetric analysis. The rheological properties of the core-shell-structured magnetic PS/inorganic particles dispersed in silicone oil were investigated under an external magnetic field strength using a rotational rheometer. The particles with extremely lower density than common magnetic particles exhibited solid-like magnetorheological phase characteristics, and the flow curves were fitted to the Cho-Choi-Jhon model of the rheological equation of state.