Drug-loaded microspheres have been widely studied and applied in biomedical materials, but there are still some open problems such as low drug loading and sudden release. In order to solve such problems, hydroxyapatite-graphene oxide (HA-GO) composite microspheres were prepared by using hydroxyapatite (HA) and graphene oxide (GO). Firstly, spherical calcium carbonate-graphene oxide (CaCO<sub>3</sub>-GO) composites were synthesized by hard template method. Then, spherical hollow HA-GO composite microspheres were successfully prepared by a method of hydrothermal-assisted ion exchange. The effect of different synthesis conditions on the prepared HA-GO composites was studied. Through a series of measurements, such as X-ray powder diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), Raman infrared spectroscopy, field emission scanning electron microscope (FESEM), ultraviolet visible spectrophotometer (UV-VIS), etc., the prepared samples were analyzed and characterized. The drug-loading performance of the microspheres was tested by using curcumin as the drug-loading model, and the drug-loading performance was evaluated by two indicators of encapsulation efficiency and drug-loading capacity. At the same time, the cytotoxicity test of the microsphere sample materials was also performed. The research results show that the reactant concentration of the system and the hydrothermal reaction time greatly affect the forming effect of the composite microspheres. When the initial reactant concentration is 0.3 mol/L and the hydrothermal reaction time is 6 h, hollow HA-GO composite microspheres with good morphology can be prepared, with a particle size from 5.1 μm to 7.7 μm and a pore size of about 40 nm. At the same time, it was found that the spherical structure can improve the drug loading, the drug encapsulation efficiency was (20.90 ± 0.31)%, and the drug loading was (2.95 ± 0.19)%. This shows that HA-GO composite microspheres have good medical application value.