Colloids are substances that have 1-1000 nm-sized particles dispersed in the dispersion medium.
Particles that are dispersed in the medium are called the dispersed phase and the medium in which particles are dispersed is called the dispersion medium.
Depending upon the states of the dispersed phase and dispersion medium different types of colloids are present like emulsion, gel, etc.
Emulsions are types of colloids where the dispersed phase and dispersion medium are in liquid states.