Liposomal formulations have been successfully translated into clinical applications since their first development in 1965. These closed bilayer phospholipid vesicles have undergone significant technical advancements, enhancing their use in drug delivery. Liposomes alter the biodistribution of therapeutics, improving their therapeutic index. They are used in various areas, including anti-cancer, anti-fungal, anti-inflammatory drugs, and therapeutic genes. Many clinical products, such as Doxil, Ambisome, and DepoDur, are based on liposomal technology. This review provides an updated overview of liposomal technologies, including Stealth technology, DepoFoam technology, and others, as well as the formulation aspects of clinically used products and ongoing clinical trials. Liposomal drug delivery systems have revolutionized the pharmaceutical field. Liposomes are spherical vesicles with a lipid bilayer and an internal aqueous cavity. They can be formulated to vary in size, composition, charge, and lamellarity. Liposomes have been used to deliver drugs, biomolecules, and genes. The first successful milestone in liposome-based products was the introduction of Doxil in 1995 for the treatment of ovarian cancer and AIDS-related Kaposi's sarcoma. Other products, such as DaunoXome, Depocyt, Myocet, Mepact, Marqibo, and Onivyde, have been developed for various cancers and other diseases. Liposomes have also been used for fungal infections, with products like Amphotec and Ambisome approved by the FDA. Liposomes are also used in photodynamic therapy, such as Visudyne, for age-related macular degeneration. Additionally, liposomes are used in pain management, such as DepoDur and Exparel, for extended-release analgesia. Liposomes are also used in vaccine development, such as Epaxal for hepatitis A. These liposomal formulations have shown improved safety, efficacy, and reduced toxicity compared to conventional therapies.Liposomal formulations have been successfully translated into clinical applications since their first development in 1965. These closed bilayer phospholipid vesicles have undergone significant technical advancements, enhancing their use in drug delivery. Liposomes alter the biodistribution of therapeutics, improving their therapeutic index. They are used in various areas, including anti-cancer, anti-fungal, anti-inflammatory drugs, and therapeutic genes. Many clinical products, such as Doxil, Ambisome, and DepoDur, are based on liposomal technology. This review provides an updated overview of liposomal technologies, including Stealth technology, DepoFoam technology, and others, as well as the formulation aspects of clinically used products and ongoing clinical trials. Liposomal drug delivery systems have revolutionized the pharmaceutical field. Liposomes are spherical vesicles with a lipid bilayer and an internal aqueous cavity. They can be formulated to vary in size, composition, charge, and lamellarity. Liposomes have been used to deliver drugs, biomolecules, and genes. The first successful milestone in liposome-based products was the introduction of Doxil in 1995 for the treatment of ovarian cancer and AIDS-related Kaposi's sarcoma. Other products, such as DaunoXome, Depocyt, Myocet, Mepact, Marqibo, and Onivyde, have been developed for various cancers and other diseases. Liposomes have also been used for fungal infections, with products like Amphotec and Ambisome approved by the FDA. Liposomes are also used in photodynamic therapy, such as Visudyne, for age-related macular degeneration. Additionally, liposomes are used in pain management, such as DepoDur and Exparel, for extended-release analgesia. Liposomes are also used in vaccine development, such as Epaxal for hepatitis A. These liposomal formulations have shown improved safety, efficacy, and reduced toxicity compared to conventional therapies.