In this investigation, emulsifiers with different values of hydrophile lipophilic balance (HLB) were prepared with different ratios of mono- and di-glycerin fatty acid esters and sucrose esters in order to study their effect on fat coalescence and crystallization in whipped cream and on its emulsion properties and whipping properties. The results showed that as the HLB value of emulsifiers increased, the particle size and apparent viscosity of emulsions increased, thereby prolonging the whipping time. Based on the results of thermodynamics and Avrami isothermal crystallization kinetics, it was found that the melting temperature of high melting point milk fat was significantly improved by using the emulsifier with an HLB value of 10, resulting in the fastest crystallization rate. The emulsifier with HLB value between 8 and 10 improved the whipping characteristics of whipped cream, reduced the percentage of serum leakage and improved the spreadability and therefore could be more suitable for the industrial production of high-quality decorative whipped cream.