The development of emulsion templated functional materials has achieved great progress in the past decades in academic and industrial fields. Recently, new building blocks such as graphene, transition metal carbides and nitrides (MXenes) and nanocellulose have been used in the fabrication of emulsion templated functional materials (EFMs). Intrinsic characteristics of these nano building blocks along with various material formats and structures endow the functional materials with excellent properties and diverse applications. Herein, the latest progress in emulsion templating mechanisms, emerging nano building blocks, and material formats including monoliths, films and microcapsules for EFMs is reviewed first. Typical applications of these functional materials are critically discussed in the fields of sensing, energy storage and conversion, fire resistance and thermal insulation, water purification, and microdroplet transportation. Current challenges, future prospects and research opportunities of EFMs are also discussed finally.