<p>Parenteral compositions of oil-coated-Amphotericin B in structured-emulsion form, having LD50 of atleast 400mg/kg in mice and process for making the same have been described. The process essentially requires dispersing Amphotericin B in oily vehicle and dispersing emulsifier in the aqueous phase. The process of present invention is simple, cost effective and gives a stable product suitable for parenteral administration. Amphotericin B emulsion compositions prepared by the process of the present invention may be administered to human beings and animals for the treatment of fungal infections, with substantially equivalent or greater efficacy and low drug toxicity as compared to the conventional composition containing Amphotericin B and sodium desoxycholate.</p>