The invention provides an emulsified explosive and method for preparing same, wherein the explosive comprises (by weight percentage) 75-85% of ammonium nitrate, 8-14% of water, 0.3-3.5% of nitrates, 0.3-2.0% of urea, 0.3-3.5% of modified emulsifying agent, 0.3-3.5% of compound oil phase, and 0.3-3.5% of emulsion foaming agent. The preparation process comprises the steps of, (1) charging water into ammonium nitrate, heating, agitating, dissolving, charging nitrates, urea, agitating, dissolving, thermal insulating 60-80 minutes, obtaining aqueous phase, (2) mixing modified emulsifying agent, mineral wax and Vaseline, elevating the temperature to 80-98 deg. C, dissolving 60-80 minutes, obtaining oil phase, (3) filtering the aqueous phase and the oil phase, mixing, emulsifying, (4) lowering the temperature to below 65 deg. C, charging emulsion foaming agent.