Disclosed are: a foamable oil-in-water type emulsion which has a satisfactorily reduced trans-fatty acid content, can fully utilize the excellent meltability in the mouth of a laurate-type oil or fat, has high emulsion stability and good whip properties including foamability and shape-retaining properties, and can exhibit good freezing/thawing resistance when the emulsion is whipped and a process for producing the foamable oil-in-water type emulsion. Specifically disclosed is an oil or fat composition for a foamable oil-in-water type emulsion, which comprises a mixed oil or fat and a sucrose fatty acid ester at a specified content ratio, wherein the mixed oil or fat contains a specific triglyceride in a specified amount and the sucrose fatty acid ester has a specified HLB value.提供一種將反式脂肪酸含量充分降低,並充分發揮月桂脂系油脂之優異的口溶性之乳化安定性高,起泡性、保形性等之攪打(whip)特性良好,且在攪打狀態下之冷凍解凍耐性良好的起泡性水中油型乳化物及其製造方法。藉由起泡性水中油型乳化物用之油脂組成物而達成,該起泡性水中油型乳化物用之油脂組成物,係將以特定種類之具有特定含量的三酸甘油酯之混合油脂、與具有特定之HLB值之蔗糖脂肪酸酯,以特定的量進行調配所成。