We used real-time fluorescence microscopy to investigate the migration of latex particles in drying battery slurries. The time evolution of the fluorescence signals revealed that the migration of the latex particles was suppressed above the entanglement concentration of carboxymethyl cellulose (CMC), while it was significantly enhanced when CMC fully covered the surfaces of the graphite particles. In particular, a two-step migration was observed when the graphite particles flocculated by depletion attraction at high CMC/graphite mass ratios. The transient states of the nonadsorbing CMC and graphite particles in a medium were discussed, and the uses of this novel measurement technique to monitor the complex drying processes of films were demonstrated.