ePSXe is a fantastic PlayStation emulator so you can play and enjoy PlayStaion games from your Android. This application is very easy to use and configured. You will be able to play PSX games in seconds.
Initially you have to configure the program by downloading a bios file (Can Be Downloaded Here)
After you download the file below, you only need to configure the controller and select the button you want to use. Then just insert the CD and you can start enjoying PSX games from your Android.
Screenshot on Android: