The impact of an oil droplet on a water surface has been explored with the aid of computational fluid dynamics simulations. The study reveals the details of the spatiotemporal evolution of such a ternary system with a triplet of interfaces, e.g., air−water, oil−water, and oil−air, when the impact velocity of the oil droplet with the water surface is high. The oil droplet is found to flatten, spread, stretch, and eventually dewet on the water surface of the deep crater to show a host of interesting post-impact flow morphologies. Furthermore, at higher impact velocities, the formation of a biphasic oil−water crown is observed followed by the ejection of secondary water droplets from the crown tip due to capillary instability. The rapidly spreading oil film on the "crater" of the water surface is found to undergo Kelvin−Helmholtz instability before dewetting the same due to cohesion failure. Subsequently, the formation of an array of secondary oil droplets is observed during the process of dewetting. The dominant wavelength evaluated from the linear stability analysis of a representative flow system could faithfully predict the simulated spacing of dewetted oil droplets floating on the crater. Importantly, the variations in Laplace pressure around the curvatures of the undulatory interfaces along with sharp viscosity gradients across the three-phase contact line is found to engender interesting recirculation patterns, which eventually shed to form a coherent wake region in air near the crater. We also uncover the conditions under which the counter-rotating vortices shed along the oil−water interface resembling a von Kaŕmań vortex street.