Abstract: An apparatus which can continuously produce highly-stable emulsified liquid is substantially characterized in that a casing is provided with a plurality of stators mounted on the inner surface of the casing and a plurality of agitator blade rotors which are concentrically and rotatably disposed relative to the stators and that several minute gaps are defined between the stators and rotors. By making at least two different kinds of liquid pass through such minute gaps from one end of the casing to the other, an emulsified liquid having high stability can be obtained from the other end without increasing flow resistance.