Emulsions are thermodynamically unstable heterogeneous biphasic system. There are certain parameters which if and emulsion follow considered as stable. There are lots of sign of physical and chemical instability of emulsion are creaming, cracking, phase inversion, flocculation. There are several methods of detect stability of prepared emulsion. Rheological assessment, macroscopic examination, globule size analysis and accelerated stability test. Many types of emulsifying agents are interfacial tension, film formation and electric potential and emulsion rheology. Emulgents form three types of films around dispersed phase globules are monomolecular, multimolecular and particulate film. Regard to the improvement in the effectiveness and stability several enhancements have been made in the emulsion technology micro emulsion, multiple emulsions, non aqueous emulsions, liposome emulsions, nanoemulsions and emulsions polymerization are few advances with the advancement in application of emulsion incorporate in this review.