Abstract: The present invention relates to an emulsion composition for an explosive and to a method of preparing the same, wherein the emulsion composition includes, based on the total weight thereof, 85 to 95 wt % of an oxidizing agent aqueous solution, 0.3 to 5 wt % of an emulsifier, and 3 to 10 wt % of oil, the emulsifier including a PIBSA (polyisobutylene succinic anhydride) amine salt having an acid value of 30 or less and an amine value of 45 to 65, under a precondition that the oxidizing agent aqueous solution includes at least one of industrial ammonium nitrate, agricultural ammonium nitrate and low-specific-gravity ammonium nitrate for an ammonium nitrate fuel oil explosive, which is used without additional filtration or removal of impurities.