The various forms (granular, liquid, gum) of lecithin can be heated under certain conditions of time and temperature to greatly improve their properties as emulsifiers for water-in-oil emulsions. Viscosity, discontinuous phase-holding capacity, stability and water retention were greatly enhanced in emulsions containing thermalized lecithins as the emulsifier compared to those prepared with corresponding amounts of nonthermalized lecithins. The improved emulsification properties of the thermalized lecithins appeared to be due, at least in part, to an increase in diglycerides and free fatty acids resulting from the thermal degradation of phosphatides.