Emulsion explosives (EE) have been commercially available in various forms for over 50 years. Over this period, the popularity and production technology of this class of energetic materials have been developing constantly. Despite this rapid rise to prominence and, in some applications, prevalence over traditional energetic materials, remarkably little information is available on the physicochemical and energetic properties of these materials and factors affecting those properties. This work is dedicated to presenting the fundamental information relevant to the features, properties and applications of EEs, while highlighting the most significant recent progress pertaining to those materials. Particular emphasis has been given to providing information about the types, composition, modifications and detonation parameters of EEs, as well as to highlighting the less obvious, emerging applications of EEs.