In this study, a wide variety of water/oil (W/O) type emulsions was prepared by varying ingredients and their contents in order to elucidate the relationship between each ingredient, such as wax, oil, surfactant, polyol and silicone, and moisturizing effect. Based on the result, the optimized formulation was confirmed. Subsequently, the moisturizing effect of W/O type emulsion prepared by the formulation was evaluated through the clinical study. As a result, the novel W/O type emulsion exhibited the significant increase of the water content on skin surface and the moisturizing effect was maintained over 12 hours.