In this study, we successfully prepared a polyacrylamide (PAM) water-in-water (W/W) emulsion through dispersion polymerization with only a small concentration of gelatin as the stabilizer. Types of identical methods were used to study the structure of this material, among which Fourier transform infrared and 1 H-NMR spectroscopy indicated that the polymer was composed of PAM and a few gelatin, transmission electron microscopy (TEM) verified the W/W emulsion structure, and gel permeation chromatography confirmed the existence of the graft polymer of gelatin and PAM. In addition, TEM and dynamic light scattering confirmed the morphology and particle size distribution of the PAM W/W emulsion particles and demonstrated that the formation mechanism of the particles during the polymerization process was quite fitted with phase-separation theory. The effects of the temperature, pH value, and gelatin concentration on the properties of the PAM W/W emulsion were also investigated systematically. Moreover, PAM W/W emulsions prepared with various gelatin concentrations were applied to the flocculation of Reactive Turquoise Blue K-GL; it turned out that the PAM W/W emulsion had a higher removal efficiency with increasing gelatin concentration. Therefore, the PAM W/W emulsion could be regarded as an effective flocculant for wastewater treatment; it also showed an excellent redispersion ability in water and good storage stability.