A water-in-oil emulsion explosive composition comprising an aqueous solution of ammonium nitrate alone or in admixture with the other inorganic oxidizer salt, fuel oil and/or wax, an emulsifier of dipentaerythritol fatty acid ester, polyoxyalkylenedipentaerythritol fatty acid ester, sugar fatty acid ester, polyoxyalkylenesugar fatty acid ester or sorbitol fatty acid ester, and hollow microspheres or microbubbles, has excellent storage stability in the detonation sensitivity in a small diameter cartridge and at low temperature.