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Pickering emulsion is a new type of stable emulsion made by ultrafine solid particles instead of traditional surfactants as stabilizers, which has received widespread attention in recent years. The preparation methods of stator-rotor homogenization, high-pressure homogenization, and ultrasonic emulsification were compared with others in this work. The main factors affecting the stability of Pickering emulsion are the surface humidity of the solid particles, the polarity of the oil phase, and the oil–water ratio. These factors could affect the nature of the solid particles, the preparation process of Pickering emulsion, and the external environment. Consequently, the long-term stability of Pickering emulsion is still a challenge. The tribological investigations of Pickering emulsion were summarized, and the multifunctional Pickering emulsion shows superior prospects for tribological applications. Moreover, the latest development of Pickering emulsion offers a new strategy for smart lubrication in the near future.