The effects of viscoelasticity on the stability and morphology of the liquid cone in liquid–liquid flow focusing are investigated experimentally and numerically. The particle tracers are utilized in experiments to visualize the flow fields, and the Oldroyd-B model is applied in numerical simulations to describe the viscoelastic characteristics of the liquid cone. Based on the quantitative analyses on the elastic stresses and forces inside the cone, the influence of viscoelasticity on the startup process of the liquid cone is first investigated. The stretching and shrinking stages of the viscoelastic cone are identified, and the startup process of the Newtonian cone is also studied for comparison. By considering the force balance at local jet position, a scaling analysis is proposed to give the criterion for the establishment of the stable cone, which indicates that the axial elastic stress can promote the cone stability. Upon a stable liquid cone, the influences of viscoelasticity on the interface profile and flow field of the cone are further analyzed, indicating that an increase in viscoelasticity leads to more shrinkage of the cone interface. The shrinkage of cone leads to the acceleration of focused liquid and thus the decrease in the recirculation flow size. This fundamental work provides scientific guidance for understanding the influences of viscoelasticity in flow focusing process, contributing to the industrial applications of microdroplets production.