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A novel O/W (oil-in-water) emulsion cosmetic that has strong water repellency and a »water-splash feel« was prepared using the amphiphilic polymer hydrophilic-hydrophobic modified polysaccharide (INCI/Sodium Stearoxy PG-Hydroxyethylcellulose Sulfonate). This emulsion is composed of a hydrophobic–hydrophilic modified polysaccharide/water/oil system with a small amount of lipophilic non-ionic surfactant (hydrophilic–lipophilic balance<5) added to obtain finely emulsified oil particles. Hydrophilic–hydrophobic modified polysaccharide was used as a thickener and polymer surfactant, and it produced a stable O/W emulsion without the addition of a hydrophilic surfactant. Several types of oil droplets decrease in size upon addition of various kinds of lipophilic surfactant due to the lowering of tension at the water/oil interface. Rheological measurements revealed that the strong network structure of hydrophilic–hydrophobic modified polysaccharide retained oil droplets without occurrence of phase inversion. Such an emulsion is very different from those made using conventional hydrophilic surfactants, and it is water repellent. This system was characterized by the presence of hydrophilic–hydrophobic modified polysaccharide, and the state of the emulsion could be controlled by the ratio of hydrophobic/hydrophilic moieties introduced into the polysaccharide.