PURPOSE: To produce an emulsified fat or oil composition, having a stable emulsion state even under molten or semimolten conditions and improved preservation quality for a long period and suitable for distribution, by using a polyglycerol condensed ricinoleic acid ester as an emulsifying agent.

CONSTITUTION: 0.1W10wt%, preferably 0.2W3wt%, based on an emulsified fat or oil composition, polyglycerol condensed ester ricinoleic acid ester, preferably a mixture of polyglycerol having ≤6 glycerol polymerization degree with mono- or diester of condensed ricinoleic acid having ≤6 ricinoleic acid condensation degree is used as an emulsifying agent and mixed with a fat or oil at ordinary temperature or while heating to prepare a uniform oily phase. An aqueous phase separately prepared is added to the above-mentioned oily phase and mixed and emulsified into a water-in-oil type emulsion. The resultant emulsified fat or oil composition is heat-treated at about 120W160°C for about 1W60sec under ultrahigh-temperature and instantaneous conditions.