The invention relates to a process for preparing a dispersion of a lipophilic compound in a continuous hydrophilic phase, the morphology of which is submicronic. During the preparation of this dispersion, there is applied, by means of a device which produces a shearing gradient less than 5000 s−1, a shear stress from 100 to 5000 Pa during the addition of the lipophilic compound in the continuous phase which comprises a rheology-modifying compound selected from anionic copolymers, preferably an anionic polymer, in particular an ASE polymer or a HASE polymer. The dispersed particles of the lipophilic compound are nanometric particles whose size is less than 1 μm. The dispersion, particularly in the form of an emulsion, can be used in numerous fields.