Global oil and gas resources are declining continuously, and sustainable development has become a common challenge worldwide. In terms of environmental protection and economic benefits, the application of microemulsions for enhanced oil recovery often requires fewer chemical agents, showing distinct advantages. This paper analyzes the application prospects and trends of middle-phase microemulsions in tertiary oil recovery. The properties of middle-phase microemulsions are introduced, and an overview of the historical development, theoretical framework, influencing factors, and preparation methods of emulsions are provided. From the perspective of oil displacement systems, this paper reviews the selection and characterization methods of emulsions, as well as the interaction mechanisms between emulsions and reservoirs, proposing future research directions. The focus of the paper is on the evaluation and characterization of emulsions, the mechanisms of micro-oil displacement, and the application of advanced CT scanning technology, which gives a new understanding of wettability changes, capillary forces, and miscible solubilization processes, contributing to the reduction in displacement costs and the improvement of economic benefits. In conclusion, the middle-phase microemulsion flooding technique can significantly enhance oil recovery through the comprehensive action of various mechanisms and has been widely used in oil field development.