In this study, four types of water-heavy fuel oil hybrid emulsion oil were manufactured depending on the moisture content ratio in order to reduce exhaust emissions of heavy fuel oil(Bunder-C), which is necessarily used in vessels, power plants and boilers. The components of the manufactured emulsion oil were analyzed using the ISO standard testing method. The analysis result showed that in the EM25 fuel with a maximum moisture content ratio of 25.0%, the moisture content was 25.0%, the sulphur content was 0.20%, the kinematic viscosity was 144.8mm2/s, the specific gravity was 0.9382, and the flash point was 100 Celsius degrees or above.