A process for preparing hollow ceramic or metal microspheres, comprising the steps of: forming ceramic or metal slurry, comprising ceramic or metal powders, water and dispersant and having a certain solid phase content, into a stable foam slurry by using a foaming agent; introducing the stable foam slurry into a centrifugal atomization equipment to atomize it into hollow slurry droplets, while being sprayed into a molding chamber; drying rapidly to form hollow microsphere green body; collecting the hollow microsphere green body and sintering. The hollow microsphere prepared has a particle size of 0.001-1.5 mm and high quality and low cost. The process is adapted to produce various inorganic material powders into hollow microspheres. The present invention also provides a device for preparing hollow ceramic or metal microspheres and hollow microspheres.