The objective was to analyze the microstructure, stability, and rheology of model emulsions prepared with distilled water, refined sunflower oil, and different Spans (20, 40, 60, and 80) as emulsifiers. The effects of the water content and Span 60 concentration were studied. The lowest water contents led to w/o emulsions, whereas higher percentages gave w/o/w emulsions. Microscopy analysis showed that w/o/w emulsions of higher water contents had a lower number of internal water droplets. W/o emulsions were destabilized by coalescence and sedimentation, whereas creaming was observed in unstable w/o/w emulsions. In the last ones, the creaming stability decreased with increasing water content and enhanced with higher Span 60 concentration; the same effect was observed in their viscoelasticity: They were from unstable liquids to stable gels. Solid Spans (40 and 60) produced more consistent w/o/w emulsions at low water contents and more stable systems at high water percentages in comparison with liquid Spans (20 and 80).