A process for the preparation of an o/w emulsion, which comprises mixing together a high molecular compound carrying at least on side chains thereof groups represented by the following formula (1): --(OX).sub.n-E.sup.2-R (1) wherein n "X"s may be the same or different and each independently represents a linear or branched, divalent, saturated C.sub.1-6 hydrocarbon group, n stands for a number of from 5 to 300, E.sup.2 represents an ether bond or an oxycarbonyl group (--OCO-- or --COO--), and R represents a linear or branched, C.sub.4-30 alkyl group which may be substituted by hydroxyl group(s), an aqueous solution of a water-soluble polyol, and a hydrophobic compound, and diluting a resulting mixture with water, and the o/w emulsion obtained by the preparation process.The emulsion according to the present invention is excellent in touch feeling to the skin and is good in stability.