This invention pertains to the disclosure of a paclitaxel submicron emulsion.The paclitaxelsubmicron emulsion in this invention comprises paclitaxel/steroid compound,oil for injection,water for injection, emulsifier, assistant emulsifier and isotonic agent, inthe paclitaxel/steroidcompound as described, the mole ratio between paclitaxel and steroid is1:0.2~4; preferably1:0.25~2. This invention also discloses the preparation procedure andapplication of the paclitaxelsubmicron emulsion. An oil-in-water submicron emulsion with an averageparticle diameter of400 nm and pH of 3.5-6 is prepared by dissolving paclitaxel steroid compoundinto oil phase usingsteroid compound as vector and based on the improvement of compound on the oilsolubility ofthe drug, and this submicron emulsion provides superior safety and efficiencywhen used to treatmalignant tumor.