Abstract: Polysaccharides, as a kind of natural macromolecules, are rich in variety and sources. The excellent functional characteristics (such as emulsifying and thickening) has endowed the polysaccharide-stabilized emulsions with a broad application prospect in various processing fields with unique advantages. This paper reviews the classification formation mechanism of polysaccharide emulsion as well as two common preparation methods. The emulsifying mechanism of polysaccharides and the emulsifying property of polysaccharide emulsion are discussed, including emulsifying activity, emulsifying stability, rheological characteristics. In addition, the internal (including number and distribution of hydrophobic groups, protein residues, molecular weight and so on) and external (including polysaccharide concentration, pH, ionic concentration and so on) factors affecting the emulsifying characteristics are strengthened in order to improve the emulsifying properties of polysaccharides by regulating their structure and environmental factors. Finally, the application and development trend of polysaccharide emulsion in food, cosmetics and medicine are summarized, aiming to provide theoretical basis and wide the application field of polysaccharide emulsion.