Engine tests of the combustion of emulsified fuels in diesel engines have reported reduced NOx and smoke, and increased ignition delay. The purpose of this study is to investigate the combustion of emulsified fuel with respect to the low cetane number fuel in a high speed diesel engine with particular emphasis on ignition delay property. The equivalent cetane number of emulsified fuels, water content were 15%, 30% and 45%, were evaluated 42, 37 and 33, respectively. Most of the combustion characteristics of the emulsified fuel to the dependency of equivalent cetane number, approximately coincided with the that of low cetane number fuel. But NOx emission characteristics in lower cetane number showed a significant different behavior for both fuels. For this reason the effects of using emulsified fuels have been the subject of much investigation for microscopic combustion phenomena.