The present application provides parenteral compositions of diclofenac or its pharmaceutically acceptable salt and methods for making and using such compositions. Some of the compositions of the present application has one or more following properties: (1) ready to be injectable, (2) in the form of an oil-water emulsion, (3) stable under appropriate storage conditions, (4) containing therapeutically effective amount of diclofenac or its pharmaceutically acceptable salt, (5) sterilizable by filtration (6) containing components acceptable by regulatory agencies (e.g. the FDA), (7) containing low oil content and thus not exacerbating hyperlipidemia, and (8) is neither hypoallergenic nor vein irritating.