Emulsification plays an important role in enhancing oil recovery. Experiments and field applications of alkali/surfactant/polymer (ASP) flooding indicated that the amount of oil recovery in liquids with emulsions is 5% higher than that in liquids with no emulsions. Therefore, it is of great significance to study emulsion and its field application for enhanced oil recovery. This paper discusses the current status of emulsion for enhanced oil recovery, including the formation mechanism of emulsions in chemical flooding, rheological properties, stability, seepage characteristics, emulsion improving sweep volume, and displacement efficiency, along with future development plans of emulsion for enhanced oil recovery, especially surfactants for chemical flooding. In addition, the Pickering emulsion for application in enhanced oil recovery is also discussed. The development effects of emulsion flooding have been discussed for the Midway‐Sunset Oilfield, the emulsification characteristics of ASP flooding have been analyzed in Xing‐V and Xing‐II of the Daqing Oilfield, and the experiences regarding emulsion for enhanced oil recovery have been summarized. The key research directions of emulsion for enhanced oil recovery are indicated.