An water-in-oil (W/O) emulsion ink for stencil printing is provided, which is excellent in emulsion stability. The water-in-oil (W/O) emulsion ink has an oil phase and a water phase, in which a water-insoluble colorant is contained in said water phase, and said water-insoluble colorant comprises an insoluble azo pigment. The insoluble azo pigment contained in the water phase preferably has an average particle size of 1 .mu.m or less. The emulsion ink is preferably formed by use of an emulsifier having an HLB of 1.5-6.0, and the water phase preferably has a maximum particle diameter of 10 .mu.m or less.