Here solvo-thermal technique has been used to synthesize hollow-nanospheres of magnetite. We have shown that PVP plays an important role to control the particle size and also helps the particles to take the shape of hollow spheres. Structural analysis was done by XRD measurement and morphological measurements like SEM and TEM were performed to confirm the hollow type spherical particles formation and their shape and sizes were also investigated. The detail ac-dc magnetic measurements give an idea about the application of these nano spheres for hyperthermia therapy and spontaneous dye adsorption properties (Gibbs free energy deltaG0 = -0.526 kJ/mol for Eosin and -1.832 kJ/mol for MB) of these particles indicate its use in dye manufacturing company. Being hollow in structure and magnetic in nature such materials will also be useful in other application fields like in drug delivery, arsenic and heavy metal removal by adsorption technique, magnetic separation etc.