Various examples of systems and methods for making microspheres, microparticles, and emulsions are provided. In one example, a system and method for forming microspheres comprises: pumping a dispersed phase liquid and a continuous phase liquid into a levitating magnetic impeller pump to subject the dispersed phase liquid and continuous phase liquid to a high shear environment within the impeller pump's pump chamber. In another example, a system and method for forming an emulsion comprises: pumping a dispersed phase liquid and an inner aqueous phase liquid into a levitating magnetic impeller pump to subject the dispersed phase and the inner aqueous phase to a high shear environment within the impeller pump's pump chamber.