A water-in-oil (W/O) emulsion ink for stencil printing is provided, which contains a water-insoluble colorant in the water phase, has the water phase dispersed finely and stably in the oil phase, and can provide prints high in printing density and glossiness. The water-insoluble colorant has an average particle size of 1 .mu.m or less, and is constituted by particles of 1 .mu.m or less in particle size in an amount of 50% or more on area basis of the total of the water-insoluble colorant. The emulsion ink is preferably formed by use of an emulsifier having an HLB of 1.5-6.0, and preferably contains a tertiary amine compound in the water phase as a dispersant for the water-insoluble colorant.