Emulsions are thermodynamically stable dispersions of two immiscible liquids, with one phase dispersed in the other, typically stabilized by emulsifying agents. There are different types of emulsions, including oil-in-water (O/W) and water-in-oil (W/O), and their stability can be affected by factors such as droplet size and viscosity of the external medium. Emulsions have various pharmaceutical applications, including improving drug palatability and absorption, and can be formulated using different methods and additives to enhance stability and efficacy.