An oil phase for an emulsified explosive prepared by using a coal-to-oil intermediate product in a high-temperature sensitization process is composed of a coal-to-oil intermediate product, a wax material, an sp-80 emulsifier, and a polymer surfactant, and the weight ratio of the four materials is 50 ‑55: 12‑17: 18‑22: 5‑10, the four materials are metered into the mixing tank, heated, stirred and mixed for 40‑70min, and the temperature is controlled at 75±5°C to form a composite oil phase; The coal-to-liquid intermediate product is a semi-finished product in the process of coal-to-liquid production, that is, the coal-to-liquid intermediate product. The invention has the advantages that no other oil-phase materials need to be added, the performance indexes of the produced emulsion explosive can fully meet the national standards, and the product has the advantages of good fluidity, low pumping pressure and the like. The composite oil phase has high calorific value, good safety performance, convenient use, low price, wide sources of various raw materials, and high economic benefits.