Microgels were prepared by the emulsion co-polymerization of bifunctional and monofunctional monomers. In this polymerization, a novel oligomer containing a zwitterion moiety was used as an emulsifier. The particle sizes of microgels formed were below 50 nm, and the microgel emulsion had good shelf stability. The affinity between the microgel and inorganic pigments was studied. Inorganic pigments were dispersed by the microgels stably, and aqueous coatings containing both inorganic pigment and the microgels showed excellent film appearance.