The polyaniline (PANI) modified hollow microspheres (HMs@PANI) was prepared by in-situ polymerization and then applied as both foaming agent and conductive fillers. The coating of PANI on the surface of hollow microspheres (HMs) was studied, and a dense conductive layer was obtained. Moreover, HMs@PANI was co-doped with acrylic acid and hydrochloric acid in order to improve the dispersion. Finally, the as-obtained HMs@PANI-C=O was added into the polyacrylate matrix, then the multi-functional syntactic foam with both better anti-static property and buffer property was obtained. When the addition of HMs@PANI was 20wt%, the surface resistivity of the foam reached 2.32×106 Ω. Furthermore, the better buffer property, lightweight, compression resistance, and thermal conductive property were also presented, which would be important in the practical application of OLED under-display.