Egg yolk is a highly effective natural emulsifier used in various food products. Its emulsifying properties are influenced by food product chemical conditions, and processing methods. Nevertheless, to effectively utilize egg yolk in food products, a more comprehensive understanding of these factors is crucial. This review discusses recent developments regarding how factors like pH, ionic strength, thermal treatments, enzymatic treatments, and novel non-thermal treatments affect egg yolk emulsifying properties. It also explores the underlying mechanisms involved in egg yolk emulsification. Food products involve different ingredients leading to varying pH values and ionic strength, which affect egg yolk protein adsorption and emulsion stability. Processing steps like thermal treatment can damage egg yolk proteins, reducing their emulsifying capabilities and leading to unstable products. Incorporating sugar, salt, and amino acids can enhance egg yolk’s resistance to heat and preserve its ability to form stable emulsions. As an alternative to thermal treatment, non-thermal techniques such as high-pressure processing and high-intensity ultrasound can be employed to preserve egg yolk. Furthermore, forming egg yolk–polysaccharide complexes can enhance egg yolk emulsifying properties. These advancements have facilitated the creation of egg yolk-based products such as high internal phase Pickering emulsions (HIPEs), low-fat mayonnaise, and egg yolk gels. A comprehensive understanding of the emulsifying mechanisms and factors involved in egg yolk will be instrumental in improving food quality and creating novel egg yolk-based products.