Emulsions are multiphasic systems composed of at least two immiscible phases. Emulsion formulation can be made by numerous processes such as low-frequency ultrasounds, high-pressure homogenization, microfluidization, as well as membrane emulsification. These processes often need emulsifiers’ presence to help formulate emulsions and to stabilize them over time. However, certain emulsifiers, especially chemical stabilizers, are less and less desired in products because of their negative environment and health impacts. Thus, to avoid them, promising processes using high-frequency ultrasounds were developed to formulate and stabilize emulsifier-free emulsions. High-frequency ultrasounds are ultrasounds having frequency greater than 100 kHz. Until now, emulsifier-free emulsions’ stability is not fully understood. Some authors suppose that stability is obtained through hydroxide ions’ organization at the hydrophobic/water interfaces, which have been mainly demonstrated by macroscopic studies. Whereas other authors, using microscopic studies, or simulation studies, suppose that the hydrophobic/water interfaces would be rather stabilized thanks to hydronium ions. These theories are discussed in this review.