With a view to understanding the viscosities of metal emulsions in viscous slags, the present work was carried out to study the phenomena underlying the viscous flow in a two-phase mixture with widely differing viscosities. Experimental study was carried out to determine the effective viscosities of emulsions of silicone oils of known viscosities (345 and 1010 mPa · s at 293 K) with small amounts of water evenly distributed in the same. The viscosities of these emulsions were measured at a constant temperature by the rotating-cylinder method. The uniformity of the preparation of the emulsions was confirmed by the reproducibility of the results. The measured viscosities were generally found to be independent of the torque under the experimental conditions, so that the two-phase mixture could be considered as a Newtonian liquid. The variation of viscosities with temperature and the effect of the addition of a surface-active substance were also studied in this work. The viscosities were found to be higher than those of both pure water and silicone oil. The experimental results were used to examine the applicabilities of the theoretical models developed by Einstein, Taylor, and Oldroyd. It was found that interfacial energy would play an important role in the viscous flow of the two-liquid mixture.