Colloidal particles combined with a polymer can be used to stabilize an oil-water interface forming stable emulsions. Here, we described a novel liquid crystal (LC)-in-LC emulsion composed of a nematic oil phase and a cholesteric or nematic aqueous cellulose nanocrystal (CNC) continuous phase. The guest oil droplets were stabilized and suspended in liquid-crystalline CNCs, inducing distortions and topological defects inside the host LC phase. These emulsions exhibited anisotropic interactions between the two LCs that depended on the diameter-to-pitch ratio of suspended guest droplets and the host CNC cholesteric phase. When the ratio was high, oil droplets were embedded into a cholesteric shell with a concentric packing of CNC layers and took on a radial orientation of the helical axis. Otherwise, discrete surface-trapped LC droplet assemblies with long-range ordering were obtained, mimicking the fingerprint configuration of the cholesteric phase. Thus, the LC-in-LC emulsions presented here define a new class of ordered soft matter in which both nematic and cholesteric LC ordering can be well-manipulated.