This study aimed to manufacture emulsified asphalt for free-heated asphalt mixtures with high solid contents using the high internal phase ratio (HIPR) technique and utilize it as basic research data by evaluating the basic properties. The optimal emulsifier was selected by considering the physical and chemical properties of the emulsifier used in the emulsified asphalt, and the solid content in the emulsified asphalt was increased using the HIPR technique. Emulsified asphalt was produced with solid contents of 90%, 80%, 70%, and 62% (current standard) in emulsified asphalt, and the basic properties of the emulsified asphalt were evaluated for each content. In addition, a free-heated asphalt mixture for the surface layer was produced by applying the emulsified asphalt produced for each content, and the performance was evaluated based on the quality standard items presented in the current guidelines of the Ministry of Land, Infrastructure and Transport. When utilizing the HIPR technique, we could manufacture up to 90% of the asphalt solid content in the emulsified asphalt; however, applying it to unheated asphalt mixtures because of the increase in viscosity was impossible. We determined that it could be applied up to a maximum solid content of 80%. In addition, in the free-heated asphalt mixture test, the ratio of the air void increased as the solids content increased, but the strength decreased. An examination of the fracture surface after the strength test revealed that it was brown, which is a characteristic color of emulsified asphalt. This was because the curing time became insufficient as the solid content increased, resulting in insufficient time for strength development. To ensure the performance of the free-heated asphalt mixture, we observed that the viscosity of emulsified asphalt with a high solid content should be reduced; securing the curing time accordingly was an important factor, and it was determined that additional research is necessary.