A silicone rubber emulsion composition comprising (A) 100 parts diorganopolysiloxane having at least two silicon-bonded alkenyl groups, (E) 0 to 60 parts reinforcing silica filler, (B) 10 to 250 parts water containing a smectite clay, (C) 0.1 to 15 parts emulsifier, and (D) a cross-linking agent (e.g., an organohydrogenpolysiloxane) in an amount sufficient for cross-linking component (A) and a catalyst (e.g., a platinum-type catalyst). A method for preparing the aforementioned emulsion composition comprising mixing components (A) and (E) with other components in a high-speed stirrer-equipped mixer. A method of manufacturing a silicone rubber comprising either heating and dehydrating the aforementioned emulsion composition.