We have created a novel type of composite magnetic Janus microparticles which consist of a polymeric matrix containing magnetite nanoparticles that are orientated predominantly in one direction. A dispersion of such anisotropic microparticles in this configuration corresponds to a dispersion of micromagnets. At present there is a considerable interest in fabrication of microparticles which can be manipulated and orientated by application of external electrical or magnetic fields. Such magnetically anisotropic polymeric particles can be easily prepared and their size, morphology and surface groups can be varied in the broad range. Therefore, incorporation of magnetite nanoparticles (Fe3O4) in polymeric matrix to form anisotropic microparticles can provide interesting new applications in different technologies. We report a novel technique for fabrication of magnetically polarized Janus microparticles based on “arresting” the orientation of oleic acid-coated magnetite nanoparticles (OCMNs) incorporated within oil-in-water (o/w) magnetic emulsion drops. The latter has been achieved by polymerizing of the emulsion droplets in a gelled continuous aqueous phase in the presence of external magnetic filed. The resulting Janus microparticles exhibited very unusual aggregation behaviour and chain structure when exposed to external magnetic field where the magnetic halves of neighbouring microparticles align together. The magnetic properties of the magnetic Janus microparticles were investigated and compared to control samples produces in the absence of external magnetic field. Our results showed that the produced microparticles retain remanence magnetisation with high coercivity indicative of ferromagnetic behaviour as revealed from the magnetization-applied field curve. Moreover, similar microparticles, but larger in sizes, have been prepared without surfactants and the effect of pH of continuous aqueous phase on the morphology of these microparticles was investigated. We have also extended the same procedure to prepare submicrometer magnetic Janus particles and will report our results on their physical and magnetic properties, and aggregation in an external magnetic field.