The purpose of this study is to investigate the effect of the volume fraction of water and injection pressure on the spray characteristics of water/oil emulsified fuel injected from the pressure swirl atomizer. The mixture of light oil and water by using impeller mixer was performed. The spray characteristics such as SMD and velocity were measured using PDPA. The injection pressures were 7.5, 100, 200 and $300kgt/cm^2$ and volume fractions of water in emulsified fuel were 0, 10, 20 and 30%, respectively. The measurement sections were at 30, 60 and 90mm from injection nozzle tip. SMD and velocity of emulsified fuel were larger gradually by increasing the volume fraction of water in emulsified fuel. The spray angle was decreased and axial velocity was increased with increase in water content. It was found that the relative SMD ratio was increased more greatly than the relative axial velocity ratio in super critical pressure. The relative SMD ratio was increased and the relative axial velocity ratio was decreased with increase injection pressure at spray downstream.