Abstract: CO2 emulsions used for EOR have received a lot of interest because of its good performance on CO2 mobility reduction. However, most of them have been focusing on the high quality CO2 emulsion (high CO2 fraction), while CO2 emulsion with high water cut has been rarely researched. In this paper, we carried out a comprehensive experimental study of using high water cut CO2/H2O emulsion for enhancing oil recovery. Firstly, a nonionic surfactant, alkyl glycosides (APG), was selected to stabilize CO2/H2O emulsion, and the corresponding morphology and stability were evaluated with a transparent PVT cell. Subsequently, plugging capacity and apparent viscosity of CO2/H2O emulsion were measured systematically by a sand pack displacement apparatus connected with a 1.95-m long capillary tube. Furthermore, a high water cut (40 vol%) CO2/H2O emulsion was selected for flooding experiments in a long sand pack and a core sample, and the oil recovery, the rate of oil recovery, and the pressure gradients were analyzed. The results indicated that APG had a good performance on emulsifying and stabilizing CO2 emulsion. An inversion from H2O/CO2 emulsion to CO2/H2O emulsion with the increase in water cut was confirmed. CO2/H2O emulsions with lower water cuts presented higher apparent viscosity, while the optimal plugging capacity of CO2/H2O emulsion occurred at a certain water cut. Eventually, the displacement using CO2/H2O emulsion provided 18.98% and 13.36% additional oil recovery than that using pure CO2 in long sand pack and core tests, respectively. This work may provide guidelines for EOR using CO2 emulsions with high water cut.