PURPOSE: An additive for preparing emulsion fuel oil from waste oil is provided to prevent oil-water separation and maintain stability of emulsion when preparing emulsion fuel oil containing less air polluting substances from waste oil primarily treated after collecting waste oil from various sources, and a method for preparing the emulsion fuel oil is provided. CONSTITUTION: In an additive for preparing emulsion fuel oil from waste oil generated from various industries including vessels and vehicles, the additive for preparing emulsion fuel oil from waste oil comprises fatty acid metal salts such as sodium stearate, calcium stearate, sodium oleate and calcium oleate, wherein the fatty acid metal salts are consisted of two parts including lipophilic group of straight carbon chains of C12 to C18 and polar group ionized at the end of the chains; one compound selected from polyoxyethylene condensate based compound such as nonyl phenol (polyoxyethylene nonyl phenyl ether) and octyl phenol (polyoxyethylene octyl phenyl ether), higher alcohol based compound such as lauryl alcohol, stearyl alcohol and oleyl alcohol, and sorbitan fatty acid ester based compound such as sorbitan monooleate, sorbitan monostearate and sorbitan palmitate; and a dispersant of polyvinyl alcohol. The method for preparing the emulsion fuel oil from waste oil comprises the processes of preparing an additive by mixing 10 to 30 weight parts of fatty acid metal salts such as sodium stearate, calcium stearate, sodium oleate and calcium oleate, 0.5 to 3 weight parts of one compound selected from polyoxyethylene condensate based compound, higher alcohol based compound and sorbitan fatty acid ester based compound and 0.1 to 0.3 weight part of a dispersant of polyvinyl alcohol with 100 weight parts of water; and agitating the mixture to a high agitation speed of 1,500 to 3,000 revolutions per hour by adding 0.5 to 1 volume part of the additive to 70 to 90 volume parts of waste oil and 10 to 30 volume parts of water.
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