Hollow porous poly(d,l-lactide-co-glycolide) microspheres (HP-PLGA-MS) were manufactured using the water-in-oil-in-water double emulsion solvent evaporation method with sucrose as a novel porogen. Dexamethasone (DEX) was dissolved in the oil phase and loaded during the preparation of the HP-PLGA-MS. Bone morphogenetic protein-2 (BMP2) with type I collagen (Col1) was incorporated into HP-PLGA-MS using a simple immersion method. The release rate of BMP2 could be controlled by the amount of Col1. DEX and BMP2 showed a sustained release profile. These results showed that the HP-PLGA-MS could be fabricated successfully using sucrose and showed great potential as a controlled dual drug delivery system.