In this study, emulsified fuels were prepared and produced by blending 0%, 5%, 15%, and 25% water with Bunker C oil to reduce the amount of air pollution emitted by ships and replace oil resources, and they were applied to an actual marine boiler to analyze the exhaust gas. The fuel effects on the improvement in exhaust gas emissions were as follows: The oxygen (O2) concentration increased by up to 4.2%, and that of carbon dioxide decreased by approximately 2.1%. Under the standard O2 concentration of 4%, the concentration of nitrogen oxides decreased by up to 31.41%, and that of sulfur oxides decreased by up to 37.47%. However, the exhaust gas temperature decreased by approximately 14.3%, and the combustion efficiency decreased by approximately 2.6%. Comparing the emission improvements, the combustion performance of the emulsified fuels was close to that of the conventional Bunker C fuel. These results indicate that the application of water-emulsified fuels to a marine boiler can reduce the amounts of certain air pollutants.