To investigate spray and combustion of emulsified fuel of W/O type, we mixed water with light oil by using ultrasonic energy adding system. We measured the SMD of sprayed droplet to find atomization characteristics of emulsified fuel with using the Malvern 2600D system. Major parameters are the weight ratio of water($0{sim}30%$ by 10%) in emulsified fuel injection pressure(lobar), and the measurement distance($10{sim}100mm$ by 10mm). Combustion visualizing system is made up commonly used boiler system and digital camera 1/500s to investigate combustion phenomena. As a result, the more water contents increased, the more SMD increased. The water particle of emulsified fuel made short flame in continuos spray combustion phenomena because of micro explosion.