Abstract: An improved rheo-optic in situ synchronous measurement system was employed to investigate the gelation behaviour and mechanism of waxy crude oil emulsions. By combining transmitted natural light and reflected polarized light microscopy, a multiangle composite light source was built to achieve the simultaneous observation of wax crystals and emulsified water droplets, as well as their dynamic aggregation process. Main outcomes on the microscopic mechanism were obtained by developed microscopic image processing method. It was found that the microstructure of W/O waxy crude oil emulsion has the evolution of “individual structure--homogeneous aggregate structure--heterogeneous coaggregate structure--floc structure” during the static cooling, which results in the four stages during gelation process. Different from previous studies, the aggregation of emulsified water droplets was found to be more significant and contributes to the formation and development of the wax crystals-emulsified water droplets coaggregate, which plays a decisive role in the further evolution of the gelled microstructure. Time series microscopic images show the dynamic aggregation of emulsified water droplets and wax crystals. Two different aggregation behaviours between wax crystals and water droplets were observed. That wax crystals can not only embed in gaps between adjacent water droplets and enhance the structure, but also surround the outside of the water droplets and continue to grow resulting in the interconnection of different coaggregates to form a larger floc structure. In addition, correlation between viscoelasticity and microstructure evolution of waxy crude oil emulsions of different water contents was discussed. With increasing water contents, the microstructure is changed from wax crystal flocculation structure as the main skeleton and the emulsified water droplets embedded in it, into the aggregation of emulsified water droplets occupying the main position. When the number of wax crystals and water droplets reaches a certain ratio, did wax crystals form coaggregates with emulsified water droplets, and the remaining wax crystals formed an overall flocculation structure, the viscoelasticity of the waxy crude oil emulsion is the highest.