Open microcellular foams having small-sized cell and good mechanical properties are desirable for many practical applications. As an effort to reduce the cell size, the microcellular foams combining viscosity improvers into the conventional formulation of styrene and water system were prepared via high internal phase emulsion polymerization. Since the material properties of foam are closely related to the solution properties of emulsion state before polymerization, the flow behavior of emulsions was investigated using a controlled stress rheometer. The yield stress and the storage modulus increased as viscosity improver concentration and agitation speed increased, due to the reduced cell size reflecting both a competition between the continuous phase viscosity and the viscosity ratio and an increase of shear force. Appreciable tendency was found between the rheological data of emulsions and the cell sizes of polymerized foams. Cell size reduction with the concentration of viscosity improver could be explained by the relation between capillary number and viscosity ratio. A correlative study for the cell size reduction with agitation speed was also attempted and the result was in a good accordance with the hydrodynamic theory.