The systematic experimental studies were performed on the hydrate formation kinetics and gas-hydrate equilibrium for a simulated catalytic cracking gas in the water-in-oil emulsion. The effect of temperature, pressure and initial gas-liquid ratio on the hydrate formation was studied, respectively. The data were obtained at pressures ranging from 3.5 to 5 MPa and temperatures from 274.15 to 277.15 K. The results showed that hydrogen and methane can be separated from the C2+ fraction by forming hydrate at around 273.15 K which is much higher temperature than that of the cryogenic separation method, and the hydrate formation rate can be enhanced in the water-in-oil emulsion compared to pure water. The experiments provided the basic data for designing the industrial process, and setting the suitable operational conditions. The measured data of gas-hydrate equilibria were compared with the predictions by using the Chen-Guo hydrate thermodynamic model.