Multienzyme cascade biocatalysis is an efficient synthetic process, avoiding the isolation/purification of intermediates and shifting the reaction equilibrium to the product side. However, multienzyme systems are often limited by their incompatibility and cross‐reactivity. Herein, we report a multi‐responsive emulsion to proceed multienzyme reactions sequentially for high reactivity. The emulsion is achieved using a CO2, pH, and thermo‐responsive block copolymer as a stabilizer, allowing the on‐demand control of emulsion morphology and phase composition. Applying this system to a three‐step cascade reaction enables the individual optimal condition for each enzyme, and a high overall conversion (ca. 97 % of the calculated limit) is thereby obtained. Moreover, the multi‐responsiveness of the emulsion allows the facile and separate yielding/recycling of products, polymers and active enzymes. Besides, the system could be scaled up with a good yield.