In this paper, random copolymer of styrene (St) and maleic anhydride (MAH) were prepared by stabilizer-free dispersion polymerization, with dicumyl peroxide (DCP) as initiator and ethyl butyrate as solvent at 120 • C. The microsphere morphology and sequential structure of the copolymers were characterized by SEM and 13 C-NMR, respectively. When the molar feed ratio of MAH to St (MAH/St) was 20/80, the overall MAH content in the copolymer was about 26% (molar) from the 13 C-NMR spectrum, and the three St-centred triads SSS, MSS+SSM, and MSM were about 41%, 44%, and 15%, respectively. The variation of sequential structure of the copolymer on the changes of the polymerization time is marginal. When the feed ratio of MAH/St was less than 15/85, it was observed that the obtained copolymer could be partially dissolved in the solvent. The molecular weight of the soluble fraction was smaller than that of the precipitation part. The effects of feed ratios of MAH to St, the initiator concentrations, and monomer concentrations on polymerization yields and compositions of the copolymer were investigated in detail. The results showed that a stable dispersion of SMA random copolymer particles was formed when the feed ratio MAH/St≥20/80.