The invention provides an emulsion composition containing lecithin, DHA, other fat-soluble substances and purified water. The content of the purified water in the emulsion composition is more than 70% by weight, the weight ratio of the lecithin to the DHA is 1: (0.005-1), the particle size of fat balls in the emulsion is less than 5 mu m, and the other fat-soluble substances comprise one or more of the following components: arachidonic acid, linolenic acid, alpha-linolenic acid, gamma-linolenic acid, linoleic acid, conjugated linoleic acid, conjugated linoleic acid glyceride, phosphatidylserine, polyene phosphatidyl choline, phosphatidyl ethanolamine, phosphatidyl inositol, phosphatidyl glycerol, phytosterol, plant sterol ester, plant stanol ester and medium and long-chain fatty acid. The invention further provides a preparation method of the emulsion composition and application of the emulsion composition in the functional aspects of supplementing phospholipids and unsaturated fatty acids by oral administration, protecting heart and brain blood vessels, reducing blood lipids, reducing blood pressure, treating fatty liver and the like.