Traditional proppants, such as ceramic particles and quartz sand, have a high density and require use of high viscosity fracturing fluid to carry them into formation fractures during fracturing construction. This process not only consumes high energy, but also carries the risk of wellbore sand blockage and difficult to back-flow. At the same time, the proppant is unable to reach the distal cracks and micro cracks, reducing the fracturing effectiveness. In recent years, researchers have proposed a solution to solve the above problems, which is to convert the functional fracturing fluid into solid proppant in-situ under the formation conditions, so as to provide a high permeability channel for oil and gas transport. In this paper, the in-situ generation emulsion of epoxy proppant is prepared based on the lotion dispersion principle, and the properties of in-situ generated proppant are tested and characterized. The results show that the emulsion could generate solid particles in a few minutes under the simulated temperature of 90 °C, and the particles are completely solidified in 2 h. The average particle size of the in-situ proppant is about 1 mm, the sphericity is close to 1, and the apparent density is about 1.07 g/cm3. At 41.4 MPa, the crushing rate of in-situ generated proppant is less than 6%, and flow conductivity greater than 26.83 µm2·cm. At the same time, the growth of in-situ generated proppants in simulated cracks is also investigated.