The formation conditions and characteristics of a liquid/liquid optical waveguide (LLW) were studied using a two-phase sheath flow, where the inner organic phase flow acted as the core and the outer aqueous flow acted as the clad. In immiscible solvent systems, i.e., toluene/water and diethyl ether/water systems, the LLWs were formed in the range of higher than ca. 600 of the Reynolds number (Re), where the linear velocity of the organic solvent was much higher than that of the aqueous solution. On the other hand, in a miscible solvent system, i.e., a tetrahydrofuran/water system, a stable LLW was formed in the range of a much lower Re than in immiscible systems. Moreover, the molecules at the toluene/water interface of the LLW were observed with both fluorescence and absorbance measurement systems. In particular, the change in the fluorescence spectrum of 1-anilino-8-naphthalenesulfonate (ANS) at the interface within 1 ms was observed by this method, indicating the usefulness of the LLW for a fast kinetic study of a liquid/liquid interface.