This study was conducted to improve the white index (WI) by preparing thermally expandable microspheres (TEMs) for wallpaper. The thermal properties, foam expansion ratio and WI were studied depending on the particle size of colloidal silica in the preparation of TEMs. As a result, the TEMs with small particles of colloidal silica showed the best results for whiteness and yellowing. Additionally, TGA results indicated that it was highly possible that colloidal silica with small particle sizes was physically or chemically attached to the surface of the TEMs that led to an improvement in whiteness at high temperatures.