This paper presents an experimental study investigating the effects of water-in-gasoline emulsion (WiGE) on the performance and emissions of a turbocharged PFI spark-ignition engine. The emulsions were produced through a micro-channels emulsifier, potentially capable to work inline, without addition of surfactants. Measurements were performed at a 3000 rpm speed and net Indicated Mean Effective Pressure (IMEP) of 16 bar: the engine point representative of commercial ECU map was chosen as reference. In this condition, the engine, fueled with gasoline, runs overfueled (λ = 0.9) to preserve the integrity of the turbocharger from excessive temperature, and the spark timing corresponds to the knock limit. Starting from the reference point, two different water contents in emulsion were tested, 10% and 20% by volume, respectively. For each selected emulsion, at λ = 0.9, the spark timing was advanced from the reference point value to the new knock limit, controlling the IMEP at a constant level. Further, the cooling effect of water evaporation in WiGE allowed it to work at stoichiometric condition, with evident benefits on the fuel economy. Main outcomes highlight fuel consumption improvements of about 7% under stoichiometric mixture and optimized spark timing, while avoiding an excessive increase in turbine thermal stress. Emulsions induce a slight worsening in the HC emissions, arising from the relative impact on combustion development. On the other hand, at stoichiometric condition, HC and CO emissions drop with a corresponding increase in NO.