To provide a method for producing fine particle-containing hollow microcapsules in which particles contained do not make the capsule walls defective and which have satisfactory strength, fine particle-containing hollow microcapsules, an image display medium using the same and an image display device using the image display medium.

The method for producing the fine particle-containing hollow microcapsules comprises: dispersing hydrophobic fine particles in an oil-soluble solvent; forming capsule walls by a radical polymerization reaction; and removing the core material solvent through a pressure reduction step.