Oil-based drilling fluids (OBDFs) are widely used in high-temperature ultra-deep wells, high-inclination wells, horizontal wells and various complex wellbores due to their excellent lubricity, high temperature stability, salt tolerance and contamination resistance. However, the intrusion of drill cuttings during drilling destabilizes water-in-oil (W/O) emulsion drilling fluids. Therefore, bentonite – a common component of drill cuttings – was selected to study the factors influencing its dispersion stability in W/O emulsions. The macroscopic stability of the system was evaluated via static observation, and the dispersion state was characterized using optical microscopy. Additionally, the viscosity, the contact angle of bentonite after adsorption of various surfactants, the interfacial tension and the charge of the bentonite particles were measured. The results indicate that various surfactants affect dispersion stability through distinct mechanisms. The system stabilized by a non-ionic surfactant exhibited low interfacial tension and the greatest stability. Furthermore, dispersion stability increased with surfactant concentration. Finally, binary surfactant systems were formulated with Span80. Calcium stearate demonstrated a significant synergistic effect with Span80, improving the stability of the bentonite dispersed in the emulsion, with an optimal ratio of 1:1. The mechanism of the stable dispersion of bentonite in oil was analysed, providing theoretical guidance for improving the stability of W/O emulsion drilling fluids during drilling operations.