The global increase of road infrastructure and its impact on the environment requires serious attention to develop sustainable and environmentally friendly road materials. One group of those materials is produced by using bitumen emulsion. However, there are still scientific and technical obstacles standing against its regular application. The bitumen emulsion formulation process and compositional optimization are subjected to a high number of degrees of freedom. Consequently, obtaining the desired product is mostly based on a series of random and tedious trials because of the enormous number of tests that are carried out to meet the required properties, such as emulsion stability, viscosity, droplet size (and distribution), and bitumen emulsion chemistry. Several pre-established formulation procedures have been presented in the literature. Some of them have technical limitations to be utilized for practical industrial application, whereas others are still not understood enough to be applied in bitumen emulsion formulation. Therefore, discussing some important issues in this field could be useful to offer a practical guide for bitumen emulsion manufacturers when trying to formulate a well-defined bitumen emulsion to best fit its use in pavement infrastructure rather than to simply to meet standard specifications. This review paper aims to enable the ultimate potential of bitumen emulsion by further reviewing the research progress of bitumen emulsion manufacturing and discussing the literature available up to now on this topic, in the realm of bitumen emulsion manufacturing and emulsion chemistry.