PROBLEM TO BE SOLVED: To provide an emulsifier which can give a good emulsified state without relating to the interfacial tension of an oily ingredient to water, to provide a method for producing the same, and to provide a raw material for producing an emulsifier.SOLUTION: An emulsifier comprises polycondensation polymer particles having hydroxyl groups and partially introduced hydrophobic groups. It is preferable that the hydrophobic groups include substituted or non-substituted long chain alkyl groups. A method for producing an emulsifier has a step for dispersing powder containing the combination products of polycondensation polymer particles having hydroxyl groups and partially introduced hydrophobic groups in water to separate the polycondensation polymer particles. A raw material for producing an emulsifier includes the combination products of polycondensation polymer particles having hydroxyl groups and partially introduced hydrophobic groups.
