We report a mechanistic study of the microsuspension polymerization of styrene stabilized by cellulose nanocrystals (CNCs) in its native form as well as graft-modified with copolymers of styrene and N-3-(dimethylamino)propyl methacrylamide (DMAPMAm) or N,N-(diethylamino)ethyl methacrylate (DEAEMA). Native CNCs and graft-modified CNCs were shown to form stable styrene emulsions with an average droplet diameter of 18-20 and 5-9 μm, respectively. Initiators of widely varying water solubilities [2,2'-azobisisobutyronitrile (AIBN), 2-2'-azobis(2,4-dimethylvaleronitrile) (Vazo-52), and lauroyl peroxide (LPO)] were employed for the polymerizations. The type of initiator and the type of CNC were shown to directly affect the microsuspension polymerization kinetics, particle size, and molecular weight distribution. Using AIBN and Vazo-52, submicron latex particles were observed in the final latex in addition to the desired 3-20 μm CNC-armored microsuspension particles. The resulting latex and microsuspension polystyrene particles were studied for their CNC coverage and surface charge. We found that the presence of CNCs in the aqueous phase did not lead to Pickering emulsion polymerization by heterogeneous nucleation.