A model for oil-in-water emulsion has been developed in this paper. A group of viscosity coefficients transiting smoothly and incessantly from the thick film region to the thin film region is defined. The contributions from disperse and continuous phases to the total lubricant pressure and pressure gradient are functions of the oil concentration and the film thickness. The parameters used in these functions are determined by a series of computational fluid dynamics simulations. The onset of inversion and the viscosity after inversion are also investigated. It is found that the critical volume fraction of oil in the inception of inversion is dependent on the oil viscosity and a factor regarding the combined effects from the emulsifier, pH value, droplet size, and the shear rate. A series of simulations using the proposed model has been carried out and compared with the experimental results, such as the film thickness and the extension of oil pool for various rolling speeds and supply oil concentrations. The numerical outputs are basically in agreement with the experiments.