The combination of a hollow mesoporous structure and a magnetic resonance (MR) contrast agent has shown its potential in simultaneous drug delivery and cell tracking applications. However, the preparation of this kind of nanocomposite is complicated and usually takes several days, which is unsuitable for scaled-up production. To overcome these hurdles, we report herein a facile method to synthesize iron oxide hydroxide functionalized hollow mesoporous silica spheres (FeOOH/HMSS) in a one-step manner. By carefully controlling the reaction kinetics of K2FeO4 in water, the gram-scale production of FeOOH/HMSS can be readily achieved at 60 °C for as short as 30 min. Most importantly, this synthetic process is also cost-effective and eco-friendly in both the precursor (K2FeO4 and H2O) and the product (FeOOH). The mechanism for the formation of a hollow structure was carefully investigated, which involves the synergetic effect of the surfactant CTAB and the side product KOH. Having outstanding biocompatibility, these degradable nanocolloids also demonstrate their feasibility in in vitro/vivo MR imaging and in vitro drug delivery.