The nanometer cobalt blue pigments were prepared by microemulsion method. Using dynamic light scattering(DLS) test method, the influences of water content on the size of liquid drop of microemulsion and the liquid drop of microemulsion on the final diameter of nanometer particle were studied in the course of preparation. Accordingly, the method to control the diameter of nanometer particle by changing water content was established. The nanometer cobalt blue particles were confirmed by XRD and TEM. Color parameters of pigments were determined. The quantum size effect of the pigments was discussed.