Liposomes are nano-sized formulations having the benefits of site-specificity, biocompatibility, and
biodegradability, which make them useful for the therapy and diagnosis of major diseases like cancer. In this review,
various synthetic strategies of liposomes and their biomedical application in special concern to cancer are
discussed. In context to the biomedical application, this article gives a detailed insight into subcellular targeted
therapy and several therapeutic modifications like immunotherapy, receptor-based therapy, phototherapy, and
combination therapy. The review also describes the liposome-based imaging platforms and the toxicity associated
with liposomes. Owing to a significant amount of benefits of this carrier system, several products have been
approved to be launched in the market and several others have already been marketed for clinical use.