Gasoline–water mixed injections are of great interest because of their advantages for reduced manufacturing costs and improved atomization, with the potential to alleviate engine detonation and reduce emissions. In this work, based on the principle of impinging flow, a real-time gasoline–water mixture preparation system for internal combustion engines was designed and the preparation system performance was compared with the standard swirl mixing technique. An image processing method was established to quantify the uniformity of the prepared mixture. Based on the flash-boiling spray flash-boiling spray experiment, the spray characteristics of different gasoline–water mixtures were analyzed under different injection temperatures (30–160 °C) and pressures (5–15 MPa). The experiments showed that the impinging pressure was the main factor affecting the emulsification performance of the real-time gasoline–water mixture, and that the proposed real-time mixing system could produce a stable gasoline–water emulsion. For temperatures in the 30–160 °C range, the flash-boiling spray flash-boiling spray experiments showed that the spray penetration distance first decreases and then increases with the injection temperature, while the spray angle shows an opposite trend. The turning point corresponded to the flash-boiling point of each gasoline–water mixture.