In this study, the characteristics of emulsified fuel were studied. The emulsified fuel which was composed of water and diesel was manufactured by using homogenizer and ultrasonic generator. The more the percentage of water contents increases, the more the density increases to the emulsified fuel. However, the viscosity increased in the 60% of water contents and decreased in the 70% of water contents because the O/W type was formed. The 3 minutes's ultrasonic waves during the irradiation time was appropriate of 16,000 rpm. And the energy density of ultrasonic waves was 87.5J/g. The emulsion stability has improved in the lower temperature, the lower percentage of water contents, and the most stable emulsion state was obtained from 20%(w/w) of water contents. Also, the emulsion stability was related to the HLB values of emulsifiers. Especially, the HLB values of emulsifier were appropriate from 4 to 7 values.