Fluorescent and magnetic bifunctional nano materials have found several applications in life sciences, including biological labeling, magnetic resonance imaging, gene therapy, and nanodrug delivery. In this work, we develop a facile route that combines the assisted-template approach with a homogeneousco-precipitation method and a high temperature calcination process, allowing the successful preparation of fluorescent magnetic alpha-Fe2O3@Y2O3:Eu3+ bifunctional hollow microspheres (BHMs) with mesoporous shells and hollow-core structures. Scanning electron microscopy, transmission electron microscopy, emission spectroscopy, magnetic testing, and N-2, adsorption techniques were employed to characterize the fluorescent magnetic alpha-Fe2O3@Y2O3:Eu3+ BHMs. The results showed that the resulting BHMs exhibited uniformly spherical morphologies with mesoporous shells and hollow-core structures and were characterized by good dispersibility, photofluorescence, and magnetic responsiveness in solution. Ibuprofen loading and drug-release simulation experiments showed that the BHMs exhibited a high drug-loading capacity (126 mg/g) and a sustained drug-release profile, which would allow them to be employed as nanodrug carriers for the therapeutic treatment of malignant tumors.