A number of series of water‐in‐oil creams were prepared in which the oil phase consisted of liquid paraffin and microcrystalline wax. The emulsifying agent employed was polyoxyethylenel oleyl ether. The dynamic viscoelastic properties of the creams, and also of the oil phases, were measured at 25°C with a Weissenberg rheogoniometer at frequencies ranging from5×10−3to 1.582 Hz. The frequency dependence of viscoelastic functions was influenced much by the change in the weight fractions of water, but little by the change in the ratios of microcrystalline wax to liquid paraffin. The gradient of curves in logarithmic plots of the viscoelastic functions of the creams against the weight fraction of water changed drastically at a certain weight fraction of water. These results of viscoelastic measurements were compatible with the microscopic appearance of the creams that large particles of microcrystalline wax were dispersed through the liquid paraffin medium, together with emulsified water drops of much smaller size. The observed dependence of the viscoelastic functions on the weight fraction of water was explained qualitatively by the theory of viscoelastic properties of disperse system proposed by Okano.