Using waxy crude oil and pure water as the working material, several groups of W/O emulsions with different microscopic droplet distributions were prepared. With microscope and focused beam reflectance measurement instrument, the size and distribution of the dispersed droplets in emulsion were observed and measured. Furthermore, the effect of droplet distribution on the rheology and wax precipitation characteristics of emulsion was discussed. The results show that with the increase of water content, the apparent viscosity of W/O emulsion will be higher, the yield stress, gel point and wax appearance temperature will also increase, while the constant stress will show a gradually decreasing trendency. The phase transition point of Daqing waxy crude oil is about 60% water content.