The comparative effects of water-in-oil (W/O) and oil-in-water (O/W) emulsions on the physicochemical characteristics of silver carp surimi gels were investigated. The breaking force of surimi gels was 188.72 g, which decreased with increasing W/O emulsion but remained constant by adding O/W emulsion. The hardness decreased with increasing W/O emulsion, while the other parameters to TPA maintained constant whether the W/O or O/W emulsion was added. The yellowness value of surimi gels was 1.30, which increased with increasing W/O emulsion while remained constant after adding O/W emulsion. The water-holding capacity of surimi gels was invariant when emulsions increased. After emulsions added to surimi gels, no changes in the surimi protein interactions were found in electrophoretic patterns and Fourier transform infrared spectra. The increasing W/O emulsion enlarged the droplet size of oil and then destroyed the surimi gel network structure, while the oil droplets were evenly dispersed with increasing O/W emulsion.