Abstract: The present invention relates to improved formulations for administration lipophilic drugs, and in particular to improved propofol formulations. Emulsion of the present invention preferably comprise oil droplets of a mean oil particle diameter of 80-300 nanometers; and a continuous aqueous phase comprising a lipophilic drug in an amount 0.5-5.0% by weight relative to the weight of the total emulsion, wherein said lipophilic drug has a solubility in water of less than 1 mg/mL; a primary oil physiologically suitable for parenteral administration to a mammal comprising plant-derived biocompatible long chain triglycerides; and a secondary oil comprising an ethyl ester of a saturated, unbranched carboxylic acid of 4-8 carbon atoms or an unbranched alkyl esters of acetic acid, said alkyl residue having 4-8 carbon atoms, or combination thereof, the combined percentage by weight of the oil components not exceeding about 10 percent.