Abstract: Emulsion with favorable stability of waxy and high viscosity crude oil is prepared at relatively high temperature and theemulsion translates into stable suspending liquid dispersion system after the temperature falls. Research results show that the apparent viscosity of the emulsion-suspending liquid dispersion system produces a slight fluctuation with the decrease of temperature and the whole dispersion system shows a behavior of power-law fluid. Influence of emulsifier's type andconcentration, emulsifying temperature, repeat heating, temperature drop rate and shear strength on the stability of overall dispersion system is analyzed.