Magnetic nanoshells composed of close-packed cobalt–silica nanoparticles have been successfully fabricated on silica spheres. The synthesis is facile and no high pressure, high temperature, or other severe reaction conditions were required. TEM images showed that two batches of the hollow-structured products have a good spherical morphology with an average diameter of 380 and 550 nm, respectively. The surface area and magnetic properties of cobalt–silica nanoshells are measured. By varying the times of the precipitation procedure, the shell thickness is successfully controlled within the 5–30 nm range and each time of procedure might increase the thickness about 5 nm. It is expected that the in situ reaction method can be extended to the synthesis of other hollow metal spheres. The prepared microcapsule with controllable shell thickness and interspaces has the potential to be used for controlled release applications.